INCREASE IN VALUE SUBJECT TO ADMINISTRATIVE FORFEITURE; PROCESSING OF MONEY SEIZED UNDER THE CUSTOMS LAWS.

SEC. 122. INCREASE IN VALUE SUBJECT TO ADMINISTRATIVE FORFEITURE; PROCESSING OF MONEY SEIZED UNDER THE CUSTOMS LAWS. Section 607 of the Tariff Act of 1930 (19 U.S.C. 1607) is amended— (1) by striking out “$100,000” in subsection (a)(1) and inserting “$500,000”; (2) by striking out “or” at the end of subsection (a)(2); (3) by inserting “or” after the semicolon at the end of subsection (a)(3); (4) by inserting after paragraph (3) of subsection (a) the following new paragraph: “(4) such seized merchandise is any monetary instrument within the meaning of section 5312(a)(3) of title 31 of the United States Code;”; (5) by adding at the end thereof the following new subsection: “(c) The Commissioner of Customs shall submit to the Congress, by no later than February 1 of each fiscal year, a report on the total dollar value of uncontested seizures of monetary instruments having a value of over $100,000 which, or the proceeds of which, have not been deposited into the Customs Forfeiture Fund under section 613A within 120 days of seizure, as of the end of the previous fiscal year.”; and (6) by striking out “$100,000” in the section heading and inserting “$500,000”.