H.R. 7080 · 117th Congress
Nowhere to Hide Oligarchs’ Assets Act
- Stage
- Reported from committee
- Sponsor
- Maxine Waters
- Introduced
- 2022-03-15
- Latest action
- 2022-03-17 · Committee Consideration and Mark-up Session Held.
Summary
Nowhere to Hide Oligarchs' Assets Act
This bill expands the scope of the Financial Crimes Enforcement Network's (FinCEN's) authority to obtain records related to financial crimes. Specifically, FinCEN may request a nationwide geographic targeting order requiring additional recordkeeping and reporting requirements applicable to domestic financial institutions or nonfinancial trades or businesses. Under current law, such an order must be limited to a specific geographic area.
Additionally, the bill expands existing recordkeeping and reporting requirements applicable to U.S. residents, citizens, and entities when transacting with a foreign financial agency to also include transactions with a foreign nonfinancial trade or business.