31 U.S.C. § 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.

( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 997 .)