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Bill > S2563
US S2563
ILLICIT CASH Act Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act
summary
Introduced
09/26/2019
09/26/2019
In Committee
09/26/2019
09/26/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
ILLICIT CASH Act Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act This bill expands disclosure requirements regarding the ownership of corporations and sets forth additional requirements regarding anti-money laundering and combating the financing of terrorism programs (known as AML-CFT programs). Corporations must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill defines a beneficial owner as an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. The bill also generally expands and revises existing AML-CFT provisions, including by compelling foreign banks to comply with subpoenas for records and allowing fines for foreign banks that fail to comply, establishing a financial institution liaison at FinCEN, initiating a review of thresholds for currency transaction reports and suspicious activity reports, and expanding the regulation of digital currencies. The bill also requires increased communication and data sharing between law enforcement, financial regulators, and financial institutions. The bill provides statutory authority for the Securities and Exchange Commission to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. The bill also revises administrative requirements of FinCEN, including by revising the pay scale of employees.
AI Summary
This bill expands disclosure requirements for the ownership of corporations and limited liability companies, and sets forth additional requirements for anti-money laundering and combating the financing of terrorism programs. Key provisions include:
- Requiring corporations and limited liability companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), defining a beneficial owner as someone who exercises substantial control or owns 25% or more of the entity.
- Expanding and revising existing anti-money laundering and counter-terrorism financing provisions, such as compelling foreign banks to comply with subpoenas, establishing a FinCEN liaison, reviewing reporting thresholds, and expanding regulation of digital currencies.
- Increasing communication and data sharing between law enforcement, financial regulators, and financial institutions.
- Providing statutory authority for the Securities and Exchange Commission to seek disgorgement as a remedy for unjust enrichment from securities law violations.
- Revising administrative requirements for FinCEN, including employee compensation.
Committee Categories
Housing and Urban Affairs
Sponsors (12)
Mark Warner (D)*,
Catherine Cortez Masto (D),
Tom Cotton (R),
Doug Jones (D),
John Neely Kennedy (R),
Bob Menendez (D),
Jerry Moran (R),
Lisa Murkowski (R),
Mike Rounds (R),
Kyrsten Sinema (I),
Jon Tester (D),
Todd Young (R),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 06/30/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/2563/all-info |
| BillText | https://www.congress.gov/116/bills/s2563/BILLS-116s2563is.pdf |
| Bill | https://www.congress.gov/116/bills/s2563/BILLS-116s2563is.pdf.pdf |
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