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Increased Scrutiny of Precious Metals Transactions to Combat Money Laundering.

New regulations require the Treasury Department to more closely analyze transactions involving precious metals. This aims to identify countries that may be used for money laundering, ultimately enhancing financial security and hindering illegal activities.
Key points
The Treasury Department must consider precious metals transactions when assessing money laundering risks in various countries.
The changes aim to more effectively block precious metals transactions subject to US sanctions.
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Expired
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Additional Information
Print number: 117_S_2978
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-10-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to require the Secretary of the Treasury to consider certain transactions related to precious metals for purposes of identifying jurisdictions of primary money laundering concern, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2978.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-07.

What are the main provisions?

Key points include:

  • The Treasury Department must consider precious metals transactions when assessing money laundering risks in various countries.
  • The changes aim to more effectively block precious metals transactions subject to US sanctions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Security Courts and Law