Nowhere to Hide Oligarchs' Assets Act
This bill expands the scope of the Financial Crimes Enforcement Network's (FinCEN's) authority to obtain records related to financial crimes. Specifically, FinCEN may request a nationwide geographic targeting order requiring additional recordkeeping and reporting requirements applicable to domestic financial institutions or nonfinancial trades or businesses. Under current law, such an order must be limited to a specific geographic area.
Additionally, the bill expands existing recordkeeping and reporting requirements applicable to U.S. residents, citizens, and entities when transacting with a foreign financial agency to also include transactions with a foreign nonfinancial trade or business.