Sec. 5122. Prohibitions or conditions on certain transmittals of funds
245 words·~1 min read·
/bill/117/hr/4350/pcs/section-5122A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5318A of title 31, United States Code, is amended— in subsection (a)— in paragraph (1), by inserting after Secretary of the Treasury may the following: , by order, regulation, or otherwise as permitted by law, ; by striking paragraph
(2)and inserting the following: The special measures described in subsection
(b)may be imposed in such sequence or combination as the Secretary shall determine. ; and by striking paragraph (3); and in subsection (b)— in paragraph (5), by striking on behalf of a foreign banking institution ; and by adding at the end the following: If the Secretary finds a jurisdiction outside of the United States, 1 or more financial institutions operating outside of the United States, 1 or more types of accounts within, or involving, a jurisdiction outside of the United States, or 1 or more classes of transactions within, or involving, a jurisdiction outside of the United States to be of primary money laundering concern, the Secretary, in consultation with the Secretary of the State, the Attorney General, and the Chairman of the Board of Governors of the Federal Reserve System, may prohibit, or impose conditions upon certain transmittals of funds (as such term may be defined by the Secretary in a special measure issuance, by regulation, or as otherwise permitted by law), to or from any domestic financial institution or domestic financial agency if such transmittal of funds involves any such jurisdiction, institution, type of account, or class of transaction. .