HomeMy WebLinkAboutMINUTES - 06051990 - 1.69 V�
TO: BOARD OF SUPERVISORS ti
Contra
FROM: �^ Costa
Phil Batchelor, County Administrator
9A . a County
DATE: May 30, 1990
9 COUN�t
SUBJECT- LEGISLATION: SB 2735 (Calderon)
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Indicate that the Board of Supervisors continues to SUPPORT SB
2735 by Senator Calderon which would make the laws relating to
large currency transactions apply to real estate brokers and
vehicle, watercraft and airplane dealers and which would require
the Franchise Tax Board to require submission of a copy of the
federal information return relating to cash received in trade or
business and would authorize the Attorney General to inspect this
form.
BACKGROUND:
On May 15 , 1990 the Board of Supervisors voted to support SB 2735
by Senator McCorquodale. On May 7, 1990 the bill was taken over
by Senator Calderon and amended.
Existing law requires defined financial institutions to maintain
records and report to the Department of Justice concerning
transactions involving more than $10 , 000 in currency or other
transactions which result in the exchange of a monetary
instrument of a value in excess of $10,000.
SB 2735, as amended May 7, 1990 , would make these provisions
applicable to real estate brokers, escrow agents and defined
title insurance companies which are involved in specified
currency transactions. The bill also applies these same
requirements to vehicle, watercraft and aircraft dealers.
CONTINUED ON ATTACHMENT:YP S_YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S): / I/ S;�
ACTION OF BOARD ON i i n _ S,_ 1990 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: ATTESTED 51 Z
PHIL BAT ELOR,CLERK OF THE BOARD OF
Please See Page 2. SUPERVISORS AND COUNTY ADMINISTRATOR
M382 (10/88) BY " '��`���" '� DEPUTY
Existing law authorizes, but does not require, the Franchise Tax
Board to require a taxpayer to file a copy with the Board of the
federal information return relating to cash received in a trade
or business.
SB 2735 would require the Franchise Tax Board to require the
submission of this federal information return and would authorize
the Attorney General to inspect the copy which has been filed
with the Franchise Tax Board.
Since SB 2735 expands the record keeping and reporting
requirements in an effort to reveal money laundering activity, it
appears to be consistent with the Board of Supervisors ' war on
drugs. Therefore, it is recommended that the Board of
Supervisors indicate its continued support for SB 2735.
SB 2735 was scheduled to be heard in the Senate Judiciary
Committee on May 22, 1990.
cc: Senator Calderon
County Administrator
District Attorney
Sheriff-Coroner
Public Defender
County Probation Officer
Health Services Director
Drug Program Administrator
Chair, Drug Abuse Advisory Board
Les Spahnn, SRJ. Jackson, Barish & Associates