[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2972 Introduced in Senate (IS)]
106th CONGRESS
2d Session
S. 2972
To combat international money laundering and protect the United States
financial system, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 27, 2000
Mr. Kerry (for himself, Mr. Grassley, Mr. Sarbanes, Mr. Levin, and Mr.
Rockefeller) introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To combat international money laundering and protect the United States
financial system, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``International
Counter-Money Laundering and Foreign Anticorruption Act of 2000''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings and purposes.
TITLE I--INTERNATIONAL COUNTER-MONEY LAUNDERING MEASURES
Sec. 101. Special measures for jurisdictions, financial institutions,
or international transactions of primary
money laundering concern.
TITLE II--CURRENCY TRANSACTION REPORTING AMENDMENTS AND RELATED
IMPROVEMENTS
Sec. 201. Amendments relating to reporting of suspicious activities.
Sec. 202. Penalties for violations of geographic targeting orders and
certain recordkeeping requirements, and
lengthening effective period of geographic
targeting orders.
Sec. 203. Authorization to include suspicions of illegal activity in
written employment references.
Sec. 204. Bank Secrecy Act Advisory Group.
Sec. 205. Agency reports on reconciling penalty amounts.
TITLE III--ANTICORRUPTION MEASURES
Sec. 301. Corruption of foreign governments and ruling elites.
Sec. 302. Support for the Financial Action Task Force on Money
Laundering.
SEC. 2. FINDINGS AND PURPOSES.
(a) Findings.--The Congress finds as follows:
(1) Money laundering, estimated by the International
Monetary Fund to amount to between 2 and 5 percent of global
gross domestic product which is at least $600,000,000,000
annually, provides the financial fuel that permits
transnational criminal enterprises to conduct and expand their
operations to the detriment of the safety and security of
American citizens.
(2) Money launderers subvert legitimate financial
mechanisms and banking relationships by using them as
protective covering for the movement of criminal proceeds and,
by so doing, can undermine the integrity of our financial
institutions and of the global financial and trading systems
upon which our prosperity and growth depend.
(3) Money launderers rely upon the existence and use of
certain jurisdictions outside the United States that offer bank
secrecy and special tax or regulatory advantages to
nonresidents, and often complement those advantages with weak
financial supervisory and regulatory regimes.
(4) Certain kinds of transactions involving such offshore
jurisdictions--for example, those transactions specifically
designed to offer anonymity or the avoidance of regulatory
scrutiny--make it difficult for law enforcement officials and
regulators to follow the trail of money earned by criminals and
organized international criminal enterprises that undermine
United States national interests and traffic in human misery,
whether they are narcotics dealers, terrorists, arms smugglers,
traffickers in human beings, or those whose frauds prey upon
law abiding citizens.
(5) Certain banking relationships between financial
institutions in the United States and financial institutions
located in such offshore jurisdictions, such as correspondent
and payable-through accounts, are particularly vulnerable to
abuse because of the difficulty in obtaining accurate
information about the beneficial owners whose funds pass
through such accounts.
(6) The ability to mount effective counter-measures to
international money launderers requires national, as well as
bilateral and multilateral action, using tools specially
designed for that effort.
(7) The Basle Committee on Banking Regulation and
Supervisory Practices and the Financial Action Task Force on
Money Laundering, both of which the United States is a member,
have each adopted international anti-money laundering
principles and recommendations.
(b) Purposes.--The purposes of this Act are as follows:
(1) To ensure that banking transactions and financial
relationships, the conduct of such transactions and
relationships, or both, do not contravene the purposes of
subchapter II of chapter 53 of title 31, United States Code,
section 21 of the Federal Deposit Insurance Act, and chapter 2
of title I of Public Law 91-508, or facilitate the evasion of
any such provision, to ensure that the purposes of such
subchapter II continue to be fulfilled, and to guard against
international money laundering and other financial crimes.
(2) To provide a clear national mandate for subjecting to
special scrutiny those foreign jurisdictions, financial
institutions operating outside the United States, and classes
of international transactions that pose particular,
identifiable opportunities for money laundering.
(3) To provide the Secretary of the Treasury with broad
discretionary authority to take certain measures tailored to
the particular money laundering problems presented by specific
foreign jurisdictions, financial institutions operating outside
the United States, and classes of international transactions.
(4) To provide domestic financial institutions with
guidance on particular foreign jurisdictions, financial
institutions operating outside the United States, and classes
of international transactions that are of primary money
laundering concern to the United States government.
(5) To clarify the terms of the safe harbor from civil
liability for filing suspicious activity reports.
(6) To strengthen the Secretary's authority to issue and
administer geographic targeting orders, and to clarify that
violations of such orders or any other requirement imposed under the
authority contained in chapter 2 of title I of Public Law 91-508 and
subchapters II and III of chapter 53 of title 31, United States Code,
may result in criminal and civil penalties.
(7) To strengthen the ability of financial institutions to
maintain the integrity of their employee population.
(8) To strengthen measures to prevent the use of the United
States financial system for personal gain by corrupt foreign
officials and to facilitate the repatriation of any stolen
assets to the citizens of countries to whom such assets belong.
TITLE I--INTERNATIONAL COUNTER-MONEY LAUNDER-
ING MEASURES
SEC. 101. SPECIAL MEASURES FOR JURISDICTIONS, FINANCIAL INSTITUTIONS,
OR INTERNATIONAL TRANSACTIONS OF PRIMARY MONEY LAUNDERING
CONCERN.
(a) In General.--Subchapter II of chapter 53 of title 31, United
States Code, is amended by inserting after section 5318 the following
new section:
``Sec. 5318A. Special measures for jurisdictions, financial
institutions, or international transactions of primary
money laundering concern
``(a) International Counter-Money Laundering Requirements.--
``(1) In general.--The Secretary may require domestic
financial institutions and domestic financial agencies to take
1 or more of the special measures described in subsection (b)
if the Secretary finds that reasonable grounds exist for
concluding that a jurisdiction outside the United States, 1 or
more financial institutions operating outside the United
States, or 1 or more classes of transactions within, or
involving, a jurisdiction outside the United States is of
primary money laundering concern, in accordance with subsection
(c).
``(2) Form of requirement.--The special measures described
in subsection (b) may be imposed by regulation, order, or
otherwise as permitted by law, and in such sequence or
combination, as the Secretary shall determine.
``(3) Process for selecting special measures.--
``(A) Consultation.--In selecting which special
measure or measures to take under this subsection, the
Secretary shall consult with the Chairman of the Board
of Governors of the Federal Reserve System and, in the
Secretary's sole discretion, such other agencies and
interested parties as the Secretary may find to be
appropriate.
``(B) Factors.--The Secretary also shall consider--
``(i) whether similar action has been or is
being taken by other nations or multilateral
groups;
``(ii) whether the imposition of any
particular special measure would create a
significant competitive disadvantage, including
any undue cost or burden associated with
compliance, for financial institutions
organized or licensed in the United States; and
``(iii) the extent to which the action
would have a significant adverse systemic
impact on the international payment, clearance
and settlement system, or on legitimate
business activities involving the particular
jurisdiction, institution, or class of
transactions.
``(4) No limitation on other authority.--This section shall
not be construed as superseding or otherwise restricting any
other authority granted to the Secretary, or to any other
agency, by this subchapter or otherwise.
``(b) Special Measures.--The special measures referred to in
subsection (a), with respect to a jurisdiction outside the United
States, financial institution operating outside the United States, or
class of transaction within, or involving, a jurisdiction outside the
United States, are as follows:
``(1) Recordkeeping and reporting of certain financial
transactions.--
``(A) In general.--The Secretary may require any
domestic financial institution or domestic financial
agency to maintain records, file reports, or both,
concerning the aggregate amount of transactions, or
concerning each transaction, with respect to a
jurisdiction outside the United States, 1 or more
financial institutions operating outside the United
States, or 1 or more classes of transactions within, or
involving, a jurisdiction outside the United States, if
the Secretary finds any such jurisdiction, institution,
or class of transactions to be of primary money
laundering concern.
``(B) Form of records and reports.--Such records
and reports shall be made and retained at such time, in
such manner, and for such period of time, as the
Secretary shall determine, and shall include such
information as the Secretary may determine, including--
``(i) the identity and address of the
participants in a transaction or relationship,
including the identity of the originator of any
funds transfer;
``(ii) the legal capacity in which a
participant in any transaction is acting;
``(iii) the identity of the beneficial
owner of the funds involved in any transaction;
and
``(iv) a description of any transaction.
``(2) Information relating to beneficial ownership.--In
addition to any other requirement under any other law, the
Secretary may require any domestic financial institution or
domestic financial agency to take such steps as the Secretary
may determine to be reasonable and practicable to obtain and
retain information concerning the beneficial ownership of any
account opened or maintained in the United States by a foreign person
(other than a foreign entity whose shares are subject to public
reporting requirements or are listed and traded on a regulated exchange
or trading market), or a representative of such a foreign person, that
involves a jurisdiction outside the United States, 1 or more financial
institutions operating outside the United States, or 1 or more classes
of transactions within, or involving, a jurisdiction outside the United
States, if the Secretary finds any such jurisdiction, institution, or
transaction to be of primary money laundering concern.
``(3) Information relating to certain payable-through
accounts.--If the Secretary finds a jurisdiction outside the
United States, 1 or more financial institutions operating
outside the United States, or 1 or more classes of transactions
within, or involving, a jurisdiction outside the United States
to be of primary money laundering concern, the Secretary may
require any domestic financial institution or domestic
financial agency that opens or maintains a payable-through
account in the United States for a foreign financial
institution involving any such jurisdiction or any such
financial institution operating outside the United States, or a
payable-through account through which any such transaction may
be conducted, as a condition of opening or maintaining such
account, to--
``(A) identify each customer (and representative of
such customer) of such financial institution who is
permitted to use, or whose transactions are routed
through, such payable-through account; and
``(B) obtain, with respect to each such customer
(and each such representative), the same information
that the depository institution obtains in the ordinary
course of business with respect to its customers
residing in the United States.
``(4) Information relating to certain correspondent
accounts.--If the Secretary finds a jurisdiction outside the
United States, 1 or more financial institutions operating
outside the United States, or 1 or more classes of transactions
within, or involving, a jurisdiction outside the United States
to be of primary money laundering concern, the Secretary may
require any domestic financial institution or domestic
financial agency that opens or maintains a correspondent
account in the United States for a foreign financial
institution involving any such jurisdiction or any such
financial institution operating outside the United States, or a
correspondent account through which any such transaction may be
conducted, as a condition of opening or maintaining such
account, to--
``(A) identify each customer (and representative of
such customer) of any such financial institution who is
permitted to use, or whose transactions are routed
through, such correspondent account; and
``(B) obtain, with respect to each such customer
(and each such representative), the same information
that the depository institution obtains in the ordinary
course of business with respect to its customers
residing in the United States.
``(5) Prohibitions or conditions on opening or maintaining
certain correspondent or payable-through accounts.--If the
Secretary finds a jurisdiction outside the United States, 1 or
more financial institutions operating outside the United
States, or 1 or more classes of transactions within, or
involving, a jurisdiction outside the United States to be of
primary money laundering concern, the Secretary, in
consultation with the Secretary of State, the Attorney General,
and the Chairman of the Board of Governors of the Federal
Reserve System, may prohibit, or impose conditions upon, the
opening or maintaining in the United States of a correspondent
account or payable-through account by any domestic financial
institution or domestic financial agency for or on behalf of a
foreign banking institution if such correspondent account or
payable-through account involves any such jurisdiction or
institution, or if any such transaction may be conducted
through such correspondent account or payable-through account.
``(c) Consultations and Information To Be Considered in Finding
Jurisdictions, Institutions, or Transactions To Be of Primary Money
Laundering Concern.--
``(1) In general.--In making a finding that reasonable
grounds exist for concluding that a jurisdiction outside the
United States, 1 or more financial institutions operating
outside the United States, or 1 or more classes of transactions
within, or involving, a jurisdiction outside the United States
is of primary money laundering concern so as to authorize the
Secretary to invoke 1 or more of the special measures of
subsection (b), the Secretary shall consult with the Secretary
of State, the Attorney General, the Secretary of Commerce, and
the United States Trade Representative.
``(2) Information.--The Secretary also shall consider such
information as the Secretary considers to be relevant,
including the following potentially relevant factors:
``(A) In the case of a particular jurisdiction--
``(i) the extent to which that jurisdiction
or financial institutions operating therein
offer bank secrecy or special tax or regulatory
advantages to nonresidents or nondomiciliaries
of such jurisdiction;
``(ii) the substance and quality of
administration of that jurisdiction's bank
supervisory and counter-money laundering laws;
``(iii) the relationship between the volume
of financial transactions occurring in that
jurisdiction and the size of the jurisdiction's
economy;
``(iv) the extent to which that
jurisdiction is characterized as a tax haven or
offshore banking or secrecy haven by
credible international organizations or multilateral expert groups;
``(v) whether the United States has a
mutual legal assistance treaty with that
jurisdiction, and the experience of United
States law enforcement officials, regulatory
officials, and tax administrators in obtaining
information about transactions originating in
or routed through or to such jurisdiction; and
``(vi) the extent to which that
jurisdiction is characterized by high levels of
official or institutional corruption.
``(B) In the case of a decision to apply 1 or more
of the special measures described in subsection (b)
only to a financial institution or institutions, or to
a transaction or class of transactions, or to both,
within, or involving, a particular jurisdiction--
``(i) the extent to which such financial
institutions or transactions are used to
facilitate or promote money laundering in or
through the jurisdiction;
``(ii) the extent to which such
institutions or transactions are used for
legitimate business purposes in such
jurisdiction; and
``(iii) the extent to which such action is
sufficient to ensure, with respect to
transactions involving such jurisdiction and
institutions operating in such jurisdiction,
that the purposes of this subchapter continue
to be fulfilled, and to guard against
international money laundering and other
financial crimes.
``(d) Notification of Special Measures Invoked by the Secretary.--
Within 10 days after the date of any action taken by the Secretary
under subsection (a)(1), the Secretary shall notify, in writing, the
Committee on Banking and Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate of any such action.
``(e) Definitions.--Notwithstanding any other provision of this
subchapter, for purposes of this section, the following definitions
shall apply:
``(1) Defined terms.--
``(A) Bank definitions.--The following definitions
shall apply with respect to a bank:
``(i) Account.--The term `account'--
``(I) means a formal banking or
business relationship established to
provide regular services, dealings, and
other financial transactions; and
``(II) includes a demand deposit,
savings deposit, or other transaction
or asset account and a credit account
or other extension of credit.
``(ii) Correspondent account.--The term
`correspondent account' means an account
established to receive deposits from and make
payments on behalf of a foreign financial
institution.
``(iii) Payable-through account.--The term
`payable-through account' means an account,
including a transaction account (as defined in
section 19(b)(1)(C) of the Federal Reserve
Act), opened at a depository institution by a
foreign financial institution by means of which
the foreign financial institution permits its
customers to engage, either directly or through
a sub-account, in banking activities usual in
connection with the business of banking in the
United States.
``(B) Definitions applicable to institutions other
than banks.--With respect to any financial institution
other than a bank, the Secretary shall define, by
regulation, order, or otherwise as permitted by law,
the term `account' and shall include within the meaning
of such term arrangements similar to payable-through
and correspondent accounts.
``(2) Other terms.--The Secretary may, by regulation,
order, or otherwise as permitted by law, further define the
terms in paragraph (1) and define other terms for the purposes
of this section, as the Secretary deems appropriate.''.
(b) Clerical Amendment.--The table of sections for subchapter II of
chapter 53 of title 31, United States Code, is amended by inserting
after the item relating to section 5318 the following new item:
``5318A. Special measures for jurisdictions, financial institutions, or
international transactions of primary money
laundering concern.''.
TITLE II--CURRENCY TRANSACTION REPORTING AMENDMENTS AND RELATED
IMPROVEMENTS
SEC. 201. AMENDMENTS RELATING TO REPORTING OF SUSPICIOUS ACTIVITIES.
(a) Amendment Relating to Civil Liability Immunity for
Disclosures.--Section 5318(g)(3) of title 31, United States Code, is
amended to read as follows:
``(3) Liability for disclosures.--
``(A) In general.--Any financial institution that
makes a voluntary disclosure of any possible violation
of law or regulation to a government agency or makes a
disclosure pursuant to this subsection or any other
authority, and any director, officer, employee, or
agent of such institution who makes, or requires
another to make any such disclosure, shall not be
liable to any person under any law or regulation of the
United States, any constitution, law, or regulation of
any State or political subdivision of any State, or
under any contract or other legally enforceable
agreement (including any arbitration agreement), for
such disclosure or for any failure to provide notice of
such disclosure to the person who is the subject of
such disclosure or any other person identified in the disclosure.
``(B) Rule of construction.--Subparagraph (A) shall
not be construed as creating--
``(i) any inference that the term `person',
as used in such subparagraph, may be construed
more broadly than its ordinary usage so to
include any government or agency of government;
or
``(ii) any immunity against, or otherwise
affecting, any civil or criminal action brought
by any government or agency of government to
enforce any constitution, law, or regulation of
such government or agency.''.
(b) Prohibition on Notification of Disclosures.--Section 5318(g)(2)
of title 31, United States Code, is amended to read as follows:
``(2) Notification prohibited.--
``(A) In general.--If a financial institution or
any director, officer, employee, or agent of any
financial institution, voluntarily or pursuant to this
section or any other authority, reports a suspicious
transaction to a government agency--
``(i) the financial institution, director,
officer, employee, or agent may not notify any
person involved in the transaction that the
transaction has been reported; and
``(ii) no officer or employee of the
Federal Government or of any state, local,
tribal, or territorial government within the
United States, who has any knowledge that such
report was made may disclose to any person
involved in the transaction that the
transaction has been reported other than as
necessary to fulfill the official duties of
such officer or employee.
``(B) Disclosures in certain employment
references.--Notwithstanding the application of
subparagraph (A) in any other context, subparagraph (A)
shall not be construed as prohibiting any financial
institution, or any director, officer, employee, or
agent of such institution, from including, in a written
employment reference that is provided in accordance
with section 18(v) of the Federal Deposit Insurance Act
in response to a request from another financial
institution or a written termination notice or
employment reference that is provided in accordance
with the rules of the self-regulatory organizations
registered with the Securities and Exchange Commission,
information that was included in a report to which
subparagraph (A) applies, but such written employment
reference may not disclose that such information was
also included in any such report or that such report
was made.''.
SEC. 202. PENALTIES FOR VIOLATIONS OF GEOGRAPHIC TARGETING ORDERS AND
CERTAIN RECORDKEEPING REQUIREMENTS, AND LENGTHENING
EFFECTIVE PERIOD OF GEOGRAPHIC TARGETING ORDERS.
(a) Civil Penalty for Violation of Targeting Order.--Section
5321(a)(1) of title 31, United States Code, is amended--
(1) by inserting ``or order issued'' after ``subchapter or
a regulation prescribed''; and
(2) by inserting ``, or willfully violating a regulation
prescribed under section 21 of the Federal Deposit Insurance
Act or section 123 of Public Law 91-508,'' after ``section 5314
and 5315)''.
(b) Criminal Penalties for Violation of Targeting Order.--Section
5322 of title 31, United States Code, is amended--
(1) in subsection (a)--
(A) by inserting ``or order issued'' after
``willfully violating this subchapter or a regulation
prescribed''; and
(B) by inserting ``, or willfully violating a
regulation prescribed under section 21 of the Federal
Deposit Insurance Act or section 123 of Public Law 91-
508,'' after ``under section 5315 or 5324)''; and
(2) in subsection (b)--
(A) by inserting ``or order issued'' after
``willfully violating this subchapter or a regulation
prescribed''; and
(B) by inserting ``or willfully violating a
regulation prescribed under section 21 of the Federal
Deposit Insurance Act or section 123 of Public Law 91-
508,'' after ``under section 5315 or 5324),''.
(c) Structuring Transactions To Evade Targeting Order or Certain
Recordkeeping Requirements.--Section 5324(a) of title 31, United States
Code, is amended--
(1) by inserting a comma after ``shall'';
(2) by striking ``section--'' and inserting ``section, the
reporting or recordkeeping requirements imposed by any order
issued under section 5326, or the recordkeeping requirements
imposed by any regulation prescribed under section 21 of the
Federal Deposit Insurance Act or section 123 of Public Law 91-
508--'';
(3) in paragraph (1) by inserting ``, to file a report or
to maintain a record required by an order issued under section
5326, or to maintain a record required pursuant to any
regulation prescribed under section 21 of the Federal Deposit
Insurance Act or section 123 of Public Law 91-508'' after
``regulation prescribed under any such section''; and
(4) in paragraph (2) by inserting ``, to file a report or
to maintain a record required by any order issued under section
5326, or to maintain a record required pursuant to any
regulation prescribed under section 5326, or to maintain a
record required pursuant to any regulation prescribed under
section 21 of the Federal Deposit Insurance Act or section 123
of Public Law 91-508,'' after ``regulation prescribed under any
such section''.
(d) Lengthening Effective Period of Geographic Targeting Orders.--
Section 5326(d) of title 31, United States Code, is amended by striking
``60'' after ``shall be effective for more than'' and inserting
``180''.
SEC. 203. AUTHORIZATION TO INCLUDE SUSPICIONS OF ILLEGAL ACTIVITY IN
WRITTEN EMPLOYMENT REFERENCES.
Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is
amended by adding at the end the following new paragraph:
``(v) Written Employment References May Contain Suspicions of
Involvement in Illegal Activity.--
``(1) In general.--Notwithstanding any other provision of
law, any insured depository institution, and any director,
officer, employee, or agent of such institution, may disclose
in any written employment reference relating to a current or
former institution-affiliated party of such institution which
is provided to another insured depository institution in
response to a request from such other institution, information
concerning the possible involvement of such institution-
affiliated party in potentially unlawful activity.
``(2) Definition.--For purposes of this subsection, the
term `insured depository institution' includes any uninsured
branch or agency of a foreign bank.''.
SEC. 204. BANK SECRECY ACT ADVISORY GROUP.
Section 1564 of the Annunzio-Wylie Anti-Money Laundering Act (31
U.S.C. 5311 note) is amended--
(1) in subsection (a), by inserting ``, of nongovernmental
organizations advocating financial privacy,'' after ``Drug
Control Policy''; and
(2) in subsection (c), by inserting ``, other than
subsections (a) and (d) of such Act which shall apply'' before
the period at the end.
SEC. 205. AGENCY REPORTS ON RECONCILING PENALTY AMOUNTS.
Before the end of the 1-year period beginning on the date of the
enactment of this Act, the Secretary of the Treasury and the Federal
banking agencies (as defined in section 3 of the Federal Deposit
Insurance Act) shall each submit their respective reports to the
Congress containing recommendations on possible legislation to conform
the penalties imposed on depository institutions (as defined in section
3 of the Federal Deposit Insurance Act) for violations of subchapter II
of chapter 53 of title 31, United States Code, to the penalties imposed
on such institutions under section 8 of the Federal Deposit Insurance
Act.
TITLE III--ANTICORRUPTION MEASURES
SEC. 301. CORRUPTION OF FOREIGN GOVERNMENTS AND RULING ELITES.
(a) Sense of the Congress.--It is the sense of the Congress that,
in deliberations between the United States Government and any other
country on money laundering and corruption issues, the United States
Government should--
(1) emphasize an approach that addresses not only the
laundering of the proceeds of traditional criminal activity but
also the increasingly endemic problem of governmental
corruption and the corruption of ruling elites;
(2) encourage the enactment and enforcement of laws in such
country to prevent money laundering and systemic corruption;
(3) make clear that the United States will take all steps
necessary to identify the proceeds of foreign government
corruption which have been deposited in United States financial
institutions and return such proceeds to the citizens of the
country to whom such assets belong; and
(4) advance policies and measures to promote good
government and to prevent and reduce corruption and money
laundering, including through instructions to the United States
Executive Director of each international financial institution
(as defined in section 1701(c) of the International Financial
Institutions Act) to advocate such policies as a systematic
element of economic reform programs and advice to member
governments.
(b) Guidance to Financial Institutions Operating in the United
States on Transactions by or on Behalf of Corrupt Foreign Officials.--
The Secretary of the Treasury, in consultation with the Attorney
General of the United States and the Federal functional regulators (as
defined in section 509(2) of the Gramm-Leach-Bliley Act), shall, before
the end of the 180-day period beginning on the date of the enactment of
this Act, issue guidance to financial institutions operating in the
United States on appropriate practices and procedures to reduce the
risk that such institutions may become depositories for, or
transmitters of, the proceeds of corruption by or on behalf of senior
foreign officials and their close associates.
SEC. 302. SUPPORT FOR THE FINANCIAL ACTION TASK FORCE ON MONEY
LAUNDERING.
It is the sense of the Congress that--
(1) the United States should continue to actively and
publicly support the objectives of the Financial Action Task
Force on Money Laundering (hereafter in this section referred
to as 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.
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