Skip to main content
S 1837 108th Congress Senate Crime and Law Enforcement Bank fraud Crime prevention Criminal investigation EBB Terrorism Finance and Financial Sector Financial institutions Forfeiture Law Licenses Money laundering Organized crime Terrorism

Combating Money Laundering and Terrorist Financing Act of 2003

Introduced: November 6, 2003 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 6, 2003
Read twice and referred to the Committee on the Judiciary.
Nov 6, 2003
Sponsor introductory remarks on measure. (CR S14179)
Nov 6, 2003
Introduced in Senate
 Plain-English summary Congressional Research Service

Combating Money Laundering and Terrorist Financing Act of 2003 - Amends the Racketeer Influenced and Corrupt Organizations Act (RICO) to expand its scope to cover acts or threats involving burglary, embezzlement, and fraud in the purchase of securities.

Modifies provisions regarding: (1) the laundering of monetary instruments to include violations of the Social Security Act relating to obtaining funds through misuse of a social security number, to grant authority to the Secretary of Homeland Security and the Commissioner of Social Security over offenses within their jurisdictions, and to cover certain informal transfers of the proceeds of specified unlawful activity; and (2) engaging in monetary transactions in property derived from specified unlawful activity to grant authority to the Secretary over offenses within his jurisdiction.

Changes the name of a money transmitting business the operation of which is prohibited from an "unlicensed" to an "illegal" money transmitting business. Specifies that such a business shall be illegal if it fails to to comply with money transmitting business registration requirements (current law), whether or not the defendant knew that the operation was required to comply with such requirements. Authorizes the Attorney General, the Secretary of the Treasury, and the Secretary of Homeland Security to investigate violations regarding such businesses.

Amends the Federal criminal code to provide for civil forfeiture of the assets of individuals or entities engaging in planning or perpetrating any act of international terrorism against any international organization or foreign government.

Reauthorizes the Money Laundering and Financial Crimes Strategy Act of 1998.

What's happening now November 6, 2003

Read twice and referred to the Committee on the Judiciary.

 Committees of jurisdiction 1