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CITE

    31 USC Sec. 5314                                            01/05/2009

EXPCITE

    TITLE 31 - MONEY AND FINANCE
    SUBTITLE IV - MONEY
    CHAPTER 53 - MONETARY TRANSACTIONS
    SUBCHAPTER II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS
                     TRANSACTIONS

HEAD

    Sec. 5314. Records and reports on foreign financial agency
      transactions

STATUTE

      (a) Considering the need to avoid impeding or controlling the
    export or import of monetary instruments and the need to avoid
    burdening unreasonably a person making a transaction with a foreign
    financial agency, the Secretary of the Treasury shall require a
    resident or citizen of the United States or a person in, and doing
    business in, the United States, to keep records, file reports, or
    keep records and file reports, when the resident, citizen, or
    person makes a transaction or maintains a relation for any person
    with a foreign financial agency. The records and reports shall
    contain the following information in the way and to the extent the
    Secretary prescribes:
        (1) the identity and address of participants in a transaction
      or relationship.
        (2) the legal capacity in which a participant is acting.
        (3) the identity of real parties in interest.
        (4) a description of the transaction.
      (b) The Secretary may prescribe -
        (1) a reasonable classification of persons subject to or exempt
      from a requirement under this section or a regulation under this
      section;
        (2) a foreign country to which a requirement or a regulation
      under this section applies if the Secretary decides applying the
      requirement or regulation to all foreign countries is unnecessary
      or undesirable;
        (3) the magnitude of transactions subject to a requirement or a
      regulation under this section;
        (4) the kind of transaction subject to or exempt from a
      requirement or a regulation under this section; and
        (5) other matters the Secretary considers necessary to carry
      out this section or a regulation under this section.
      (c) A person shall be required to disclose a record required to
    be kept under this section or under a regulation under this section
    only as required by law.

SOURCE

    (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 997.)

HISTORICAL AND REVISION NOTES --------------------------------------------------------------------

     Revised      Source (U.S. Code)        Source (Statutes at Large)
     Section
    --------------------------------------------------------------------
    5314(a)      31:1121(a).             Oct. 26, 1970, Pub. L. 91-508,
                                          Secs. 241, 242, 84 Stat. 1124.
    5314(b)      31:1122.
    5314(c)      31:1121(b).
    --------------------------------------------------------------------
      In subsection (a), before clause (1), the words "currency or
    other", "legitimately", "by regulation", and "directly or
    indirectly" are omitted as surplus. The words "for any person" are
    substituted for "on behalf of himself or another" to eliminate
    unnecessary words. The words "and to the extent" are substituted
    for "and in such detail" for clarity. In clauses (1) and (2), the
    words "participants" and "participant" are substituted for
    "parties" for consistency. In clause (2), the words "to the
    transaction or relationship" are omitted as surplus. In clause (3),
    the words "if one or more of the parties are not acting solely as
    principals" are omitted as surplus. In clause (4), the words
    "including the amounts of money, credit, or other property
    involved" are omitted as surplus.
      In subsection (b), the words "or a regulation under this section"
    are added because of the restatement. The words "or does not apply"
    and "uniform" in clause (2) are omitted as surplus. In clause (5),
    the words "carry out" are substituted for "the application of" for
    consistency.
      In subsection (c), the words "produce or otherwise . . . the
    contents of" and "in compliance with a subpena or summons duly
    authorized and issued or . . . may otherwise be" are omitted as
    surplus. The words "under a regulation" are added because of the
    restatement.
                  COMPLIANCE WITH REPORTING REQUIREMENTS
      Pub. L. 107-56, title III, Sec. 361(b), Oct. 26, 2001, 115 Stat.
    332, provided that: "The Secretary of the Treasury shall study
    methods for improving compliance with the reporting requirements
    established in section 5314 of title 31, United States Code, and
    shall submit a report on such study to the Congress by the end of
    the 6-month period beginning on the date of enactment of this Act
    [Oct. 26, 2001] and each 1-year period thereafter. The initial
    report shall include historical data on compliance with such
    reporting requirements."
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