§5335 Prohibition on Concealment of the Source of Assets in Monetary Transactions

Summary

Do not on purpose hide, change, or lie about important facts about who owns or controls assets in big bank transactions. A "monetary transaction" means moving money or monetary instruments through a financial institution across state lines or to or from another country (for example a deposit, withdrawal, transfer, or exchange). The rule applies when the owner or controller is a senior foreign political figure (including their immediate family or close associates, as defined by the law) and the total value of the assets in one or more transactions is at least $1,000,000. It also forbids knowingly hiding or lying about where the money came from when the transaction involves an entity the government has named a primary money‑laundering concern and that transaction breaks the conditions set under the law. If you are convicted, you can be sent to prison for up to 10 years, fined up to $1,000,000, or both. The court must order that any property involved in the offense, and any property that can be traced to it, be seized and forfeited to the United States under the usual forfeiture rules.