Section 1 Short title
This Act may be cited as the “Nowhere to Hide Oligarchs’ Assets Act”.
Nowhere to Hide Oligarchs’ Assets Act
A BILL
To amend section 5326(a), of title 31, United States Code, to clarify that an order may be issued that covers the entirety of the United States, to amend section 5314 of title 31, United States Code, to allow the Financial Crimes Enforcement Network to obtain necessary information concerning foreign non-financial trades or businesses involved in illicit financial activities, including those of Russian and Belarussian oligarchs, and for other purposes.
Sec. 2 Records of certain domestic transactions
Section 5326(a) of title 31, United States Code, is amended by striking “in a geographic area”.
Sec. 3 Records and reports on foreign financial agency transactions and foreign nonfinancial trade or business transactions
in the heading, by striking “foreign financial agency transactions” and inserting “foreign financial agency transactions and foreign nonfinancial trade or business transactions”; and
in subsection (a) by striking “foreign financial agency” each place it occurs and inserting “foreign financial agency or foreign nonfinancial trade or business”.
Conforming amendment— The table of sections located in subchapter II of Chapter 53 of Subtitle IV of Title 31 is amended in the item relating to section 5314 by striking “foreign financial agency transactions” and inserting “foreign financial agency transactions and foreign nonfinancial trade or business transactions”.