CONGRESSWOMAN ELISE STEFANIK
On Monday, July 11, 2016, the House will consider H.R. 5602, to amend title 31, United States Code, to authorize the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, and for other purposes, under suspension of the rules. H.R. 5602 was introduced on June 28, 2016, by Rep. Stephen Lynch (D-MA) and was referred to the Committee on Financial Services.
H.R. 5602 authorizes the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, including funds involved in an electronic fund transfer.
A Geographic Targeting Order (GTO) imposes additional, but time-limited, recordkeeping and reporting requirements on domestic financial institutions or nonfinancial businesses in a particular geographic area to assist regulators and law enforcement agencies in identifying criminal activity. In the absence of extensions, GTOs may only remain in effect for a maximum of 180 days. Violators may face substantial civil or criminal liability. Several recent GTOs have been used to enhance U.S. efforts to combat terrorism money laundering.
Current law allows the Secretary to seek a more-detailed reporting of coins, currency or monetary instruments, however, in some instances the law does not allow for requiring, or compelling reporting of, information on some sorts of non-cash transactions.
 See CRS Report on Trade-based Money Laundering: Overview and Policy Issues
A CBO cost estimate is currently unavailable.
For questions or further information please contact Robert Goad with the House Republican Policy Committee by email or at 6-1831.