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1 S. 1883, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019, as Reported by the Senate Committee on the Judiciary on July 23, 2019 1 (September 13, 2019)

handle is hein.congrec/cbocmmny0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate September 13, 2019 By Fiscal Year, MNlions of Dollars 2019 2019-2024 201-9-2029 Direct Spending (Outlays) Revenues Increase or Decrease (-) in the Deficit 0 0 S. 1883 would broaden the coverage of current laws that address money laundering. People who violate the bill's provisions could be subject to criminal fines, so the federal government might collect additional fines under the legislation. Criminal fines are recorded as revenues, deposited in the Crime Victims Fund, and later spent without further appropriations action. CBO expects any additional revenues and associated direct spending would not be significant because relatively few additional cases would probably be affected by the bill. The bill also would direct the Secretary of the Treasury to prepare an analysis of the criminal use of remittances and develop a plan to reduce such criminal acts. Based on the cost of similar activities, CBO estimates that implementing this provision would cost less than $500,000; any spending would be subject to the availability of appropriated funds. S. 1883 would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA) on individuals, businesses, and nonprofits. Under current law, certain entities that physically transport, mail, or ship currency and monetary instruments valued at $10,000 or more must file a report with Customs and Border Protection (CBP). That requirement applies when currency and monetary instruments are moved to or from the United States. See also CBO's Cost Estimates Explained, www,cbo gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www cbo~govipubication/42904.

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