[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 495 Introduced in House (IH)]







106th CONGRESS
  2d Session
H. RES. 495

 Expressing the sense of the House regarding support for the Financial 
   Action Task Force on Money Laundering, and the timely and public 
  identification of noncooperative jurisdictions in the fight against 
                    international money laundering.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2000

 Mrs. Roukema (for herself, Mr. Bereuter, Mr. Bliley, Mr. Borski, Mr. 
    McInnis, Mr. Goss, Mr. Pickett, and Mr. McCollum) submitted the 
 following resolution; which was referred to the Committee on Banking 
                         and Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House regarding support for the Financial 
   Action Task Force on Money Laundering, and the timely and public 
  identification of noncooperative jurisdictions in the fight against 
                    international money laundering.

Whereas the International Monetary Fund has estimated the amount of 
        international money laundering to be at least $600,000,000,000 annually 
        representing 2 to 5 percent of the world's gross domestic product;
Whereas money laundering is a crucial adjunct to the underlying crimes that 
        generate money, including drug trafficking, kidnapping, murder, 
        international terrorism, and other forms of violent crime;
Whereas money laundering and foreign corruption facilitate each other, 
        undermining the efforts of the United States to promote democratic 
        institutions and economic development around the world;
Whereas, in today's open and global financial markets, which are characterized 
        by a high mobility of funds and the rapid development of new payment 
        technologies, the tools for laundering the proceeds of serious crimes 
        have become more sophisticated and readily available;
Whereas recent years have witnessed a sharp increase in the number of 
        jurisdictions offering financial services without appropriate controls 
        or regulation and which are protected by strict banking secrecy 
        legislation which facilitates the anonymous protection for illegal 
        assets in certain countries or territories making them even more 
        attractive for money laundering;
Whereas the proliferation of such noncooperative countries or territories which 
        do not, or only marginally, participate in international cooperation 
        against financial crime, also exacerbates competition between these 
        centers and so contributes to worsen existing practices and makes more 
        difficult the maintenance of anti-money laundering standards in other 
        countries;
Whereas, in order to ensure the stability of the international financial system 
        and effective prevention of money laundering, all financial centers in 
        the world should have comprehensive control, regulation, and supervision 
        systems, and that all financial intermediaries and agents be subject to 
        strict obligations, notably as regards the prevention, detection, and 
        punishment of money laundering;
Whereas the Financial Action Task Force on Money Laundering (FATF), of which the 
        United States is a founding member, was established for the purpose of 
        developing and promoting policies to combat international money 
        laundering;
Whereas the FATF, consisting of 26 jurisdictions including the United States and 
        2 international organizations, originally issued in 1990 and revised in 
        1996 40 recommendations designed for universal application that set out 
        the basic framework for antimoney laundering efforts covering the 
        criminal justice system and law enforcement, the financial system and 
        its regulation, and international cooperation;
Whereas the FATF has determined the criteria for defining noncooperative 
        countries or territories consistent with the 40 recommendations, and 
        FATF members have agreed on a process for identifying noncooperative 
        jurisdictions to include all countries and territories, both inside and 
        outside FATF membership, whose detrimental practices seriously and 
        unjustifiably hamper the fight against international money laundering;
Whereas the FATF has reported that the list of noncooperative countries or 
        territories should include several subcategories of noncooperative 
        countries or territories which could be as follows: clearly 
        noncooperative with severe deficiencies in many areas, partly 
        noncooperative with impediments in various areas, and de facto 
        noncooperative with no significant impediments in laws and regulations 
        but ineffective regime in practice; and
Whereas the FATF is gathering and analyzing all relevant information necessary 
        for the publication of lists of noncooperative jurisdictions: Now, 
        therefore, be it
    Resolved, That it is the sense of the House that--
            (1) the United States should continue to actively and 
        publicly support the objectives of the FATF with regard to 
        combating international money laundering;
            (2) the FATF should identify noncooperative jurisdictions 
        in as expeditious a manner as possible and publicly release a 
        list directly naming those jurisdictions identified;
            (3) the United States should support the public release of 
        the list naming noncooperative jurisdictions identified by the 
        FATF;
            (4) the United States should encourage the adoption of the 
        necessary international action to encourage compliance by the 
        identified noncooperative jurisdictions; and
            (5) the United States should take the necessary 
        countermeasures to protect the United States economy against 
        money of unlawful origin and encourage other nations to do the 
        same.
                                 <all>