No, as the law is written for Customs, the 10k value is specifically about money going through the border to be declared. A credit card isn't an actual asset, a

No, as the law is written for Customs, the 10k value is specifically about money going through the border to be declared. A credit card isn't an actual asset, and hence doesn't need to be declared. As for the undeclared accounts, theoretically this should be covered by the FBAR form that US citizens are supposed to file if they keep money in foreign banks. I'm not quite sure how involved the IRS gets in investigating undeclared accounts, but as of right now it looks to be on the honor system. When I filed my FBAR, it didn't even ask for any real verification of the assets I claimed in a foreign account, it just asked for the total value and to plug in the calculations to see if I owed anything. As for using this as a weapon, highly doubtful. The bill mostly modifies existing law to either modernize it or to add punctuation for clarity purposes, and the counterfitting/laundering claims are pretty straight forward. For example, for counterfitting, they want to add the clause: “ Whoever, with intent to defraud, has custody, control, or possession of any material, tool, machinery, or other equipment that can be used to make, alter, forge, or counterfeit any obligation or other security of any foreign government, bank, or corporation; or”. Basically, unless they were already doing some pretty suspect stuff, you'd have to go through a lot of work to set up a condition where you could attack an opponent with it. Same with the "funding terrorism" sections; the burden of proof it looks for is pretty high to use this as a political weapon, when shitposting on twitter and facebook would probably be just as effective.