Page 65 - BILLS-107hr3162enr

H. R. 3162—64
‘‘(3) structure or assist in structuring, or attempt to struc-
ture or assist in structuring, any transaction with 1 or more
nonfinancial trades or businesses.’’.
(2) TECHNICAL AND CONFORMING AMENDMENTS.—
(A) The heading for subsection (a) of section 5324 of
title 31, United States Code, is amended by inserting
‘‘INVOLVING FINANCIAL INSTITUTIONS’’ after ‘‘TRANS-
ACTIONS’’.
(B) Section 5317(c) of title 31, United States Code,
is amended by striking ‘‘5324(b)’’ and inserting ‘‘5324(c)’’.
(c) DEFINITION OF NONFINANCIAL TRADE OR BUSINESS.—
(1) IN GENERAL.—Section 5312(a) of title 31, United States
Code, is amended—
(A) by redesignating paragraphs (4) and (5) as para-
graphs (5) and (6), respectively; and
(B) by inserting after paragraph (3) the following new
paragraph:
‘‘(4) NONFINANCIAL TRADE OR BUSINESS.—The term ‘non-
financial trade or business’ means any trade or business other
than a financial institution that is subject to the reporting
requirements of section 5313 and regulations prescribed under
such section.’’.
(2) TECHNICAL AND CONFORMING AMENDMENTS.—
(A) Section 5312(a)(3)(C) of title 31, United States
Code, is amended by striking ‘‘section 5316,’’ and inserting
‘‘sections 5333 and 5316,’’.
(B) Subsections (a) through (f) of section 5318 of title
31, United States Code, and sections 5321, 5326, and 5328
of such title are each amended—
(i) by inserting ‘‘or nonfinancial trade or business’’
after ‘‘financial institution’’ each place such term
appears; and
(ii) by inserting ‘‘or nonfinancial trades or
businesses’’ after ‘‘financial institutions’’ each place
such term appears.
(c) CLERICAL AMENDMENT.—The table of sections for chapter
53 of title 31, United States Code, is amended by inserting after
the item relating to section 5332 (as added by section 112 of this
title) the following new item:
‘‘5331. Reports relating to coins and currency received in nonfinancial trade or busi-
ness.’’.
(f) REGULATIONS.—Regulations which the Secretary determines
are necessary to implement this section shall be published in final
form before the end of the 6-month period beginning on the date
of enactment of this Act.
SEC. 366. EFFICIENT USE OF CURRENCY TRANSACTION REPORT
SYSTEM.
(a) FINDINGS.—The Congress finds the following:
(1) The Congress established the currency transaction
reporting requirements in 1970 because the Congress found
then that such reports have a high degree of usefulness in
criminal, tax, and regulatory investigations and proceedings
and the usefulness of such reports has only increased in the
years since the requirements were established.
(2) In 1994, in response to reports and testimony that
excess amounts of currency transaction reports were interfering