Prevent Crime and Terrorism Act of 2018 This bill amends the Arms Export Control Act to prohibit the President from removing any of the following items under category I, II, or III (firearms, armament, ammunition) of the United States Munitions List in order to transfer them to the Commerce Control List: (1) significant military equipment or their components, parts, or accessories; (2) flame throwers designed or modified for military application; or (3) devices for launching or delivering ordnance. Such items are currently under Department of State jurisdiction.