117 HR 7080 IH: Nowhere to Hide Oligarchs’ Assets Act U.S. House of Representatives 2022-03-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS2d SessionH. R. 7080IN THE HOUSE OF REPRESENTATIVESMarch 15, 2022Ms. Waters (for herself, Mr. Lynch, and Mr. Casten) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend section 5326(a), of title 31, United States Code, to clarify that an order may be issued that covers the entirety of the United States, to amend section 5314 of title 31, United States Code, to allow the Financial Crimes Enforcement Network to obtain necessary information concerning foreign non-financial trades or businesses involved in illicit financial activities, including those of Russian and Belarussian oligarchs, and for other purposes.

1.

Short title

This Act may be cited as the Nowhere to Hide Oligarchs’ Assets Act.

2.

Records of certain domestic transactions

Section 5326(a) of title 31, United States Code, is amended by striking in a geographic area.

3.

Records and reports on foreign financial agency transactions and foreign nonfinancial trade or business transactions

(a)

In general

Section 5314 of title 31, United States Code, is amended— (1)in the heading, by striking foreign financial agency transactions and inserting foreign financial agency transactions and foreign nonfinancial trade or business transactions; and (2)in subsection (a) by striking foreign financial agency each place it occurs and inserting foreign financial agency or foreign nonfinancial trade or business. (b)

Conforming amendment

The table of sections located in subchapter II of Chapter 53 of Subtitle IV of Title 31 is amended in the item relating to section 5314 by striking foreign financial agency transactions and inserting foreign financial agency transactions and foreign nonfinancial trade or business transactions.