31 U.S.C. § 5315 : US Code - Section 5315: Reports on foreign currency transactions

Search 31 U.S.C. § 5315 : US Code - Section 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.