31 USC 5315--Reports on foreign currency transactions

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31 USC 5315 : Reports on foreign currency transactions
Text contains those laws in effect on June 17, 2014
From Title 31-MONEY AND FINANCE
SUBTITLE IV-MONEY
CHAPTER 53-MONETARY TRANSACTIONS
SUBCHAPTER II-RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
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References In Text

§5315. Reports on foreign currency transactions
(a) Congress finds that(1) moving mobile capital can have a significant impact on the proper functioning of the international
monetary system;
(2) it is important to have the most feasible current and complete information on the kind and source of
capital flows, including transactions by large United States businesses and their foreign affiliates; and
(3) additional authority should be provided to collect information on capital flows under section 5(b) of the
Trading With the Enemy Act (50 App. U.S.C. 5(b)) and section 8 of the Bretton Woods Agreement Act (22
U.S.C. 286f).
(b) In this section, “United States person” and “foreign person controlled by a United States person” have the
same meanings given those terms in section 7(f)(2)(A) and (C), respectively, of the Securities and Exchange Act
of 1934 (15 U.S.C. 78g(f)(2)(A), (C)).
(c) The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section
requiring reports on foreign currency transactions conducted by a United States person or a foreign person
controlled by a United States person. The regulations shall require that a report contain information and be
submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this
section.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 997.)

Revised Section
5315(a)
5315(b), (c)

Historical and Revision Notes
Source (U.S. Code)
Source (Statutes at Large)
31:1141.
Sept. 21, 1973, Pub. L. 93–110, §§201, 202,
87 Stat. 353.
31:1142.

In subsection (a)(3), the words “it is desirable to emphasize this objective . . . existing legal” are
omitted as unnecessary.
In subsection (c), the words “(hereafter referred to as the ‘Secretary’)” are omitted because of the
restatement. The words “under the authority of this subchapter and any other authority conferred by
law” are omitted as surplus. The word “prescribe” is substituted for “supplement” for clarity. The
words “the statement of findings under” and “the submission of” are omitted as surplus. The words
“Reports required under this subchapter shall cover foreign currency transactions” are omitted
because of the restatement. The words “such terms are” and “the policy of” are omitted as surplus.

REFERENCES IN TEXT
Section 5(b) of the Trading With the Enemy Act, referred to in subsec. (a)(3), is also classified to
section 95a of Title 12, Banks and Banking.

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6/18/2014