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Can you summarize 31 USC 5315?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Reports on foreign currency transactions
Short Summary
This section of the United States Code, under the Money and Finance category, specifically addresses the reporting requirements for foreign currency transactions. The Congress recognizes the significant impact of moving mobile capital on the international monetary system and the importance of having up-to-date and comprehensive information on capital flows. The Secretary of the Treasury is authorized to prescribe regulations consistent with this section, which require reports on foreign currency transactions conducted by United States persons or foreign persons controlled by a United States person. The reports must contain relevant information and be submitted in a timely manner, as determined by the regulations. The section also defines the terms ‘United States person’ and ‘foreign person controlled by a United States person’ in reference to the Securities and Exchange Act of 1934. However, specific penalties for non-compliance or violations are not mentioned in this section.
Whom does it apply to?
United States persons and foreign persons controlled by a United States person
What does it govern?
Reports on foreign currency transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government