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HR 7080 117th Congress House Finance and Financial Sector Business records Foreign and international corporations Fraud offenses and financial crimes Government information and archives

Nowhere to Hide Oligarchs’ Assets Act

Introduced: March 15, 2022 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 17, 2022
Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 26 - 23.
Mar 17, 2022
Committee Consideration and Mark-up Session Held.
Mar 15, 2022
Referred to the House Committee on Financial Services.
Mar 15, 2022
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now March 17, 2022

Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 26 - 23.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3