S. 4078, called the "Stop Somali CASH Fraud Act," strengthens reporting requirements for people transporting money and currency out of the United States. The bill requires that when a foreign national from certain countries—including those designated as state sponsors of terrorism, countries with U.S. arms embargoes, or those identified as high-risk by the State Department—transports money or monetary instruments out of the U.S., they must file a report at least 72 hours before departure. The report must include detailed personal information about both the person transporting the money and the intended recipient, such as identity documents, tax identification numbers, contact information, and identification numbers. Additionally, the bill requires disclosure of whether the funds come from federal, state, or local government contracts or benefits, and whether the transporter has any financial interest in the recipient entity. This legislation is designed to prevent fraud and illicit money smuggling through informal money transfer systems, though it does not specify new funding or enforcement timelines beyond the 72-hour reporting requirement.
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