[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4711 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4711

  To provide for the identification of assets hidden in United States 
 financial institutions that have been stolen or misappropriated from 
    foreign countries by corrupt foreign political figures of those 
                               countries.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 9, 2002

Ms. Waters (for herself and Mr. Bachus) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To provide for the identification of assets hidden in United States 
 financial institutions that have been stolen or misappropriated from 
    foreign countries by corrupt foreign political figures of those 
                               countries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stolen Asset Recovery Act of 2002''.

SEC. 2. REPORT BY THE SECRETARY OF THE TREASURY.

    (a) In General.--Within 9 months after the date of the enactment of 
this Act, and annually thereafter, the Secretary of the Treasury shall 
submit to the Committees on Financial Services, on International 
Affairs, and on the Judiciary of the House of Representatives and the 
Committees on Banking, Housing, and Urban Affairs, on Foreign 
Relations, and on the Judiciary of the Senate a written report on--
            (1) the possibility that assets stolen or misappropriated 
        from foreign countries and their people by any senior foreign 
        political figure, or any immediate family member or close 
        associate of any senior foreign political figure may be held in 
        an account at a financial institution in the United States;
            (2) all past and present efforts by the Government of the 
        United States to identify assets referred to in paragraph (1) 
        that may be so held, and the plans of the Government of the 
        United States to identify any such assets;
            (3) the mechanisms available to the Government of the 
        United States to identify any such assets that may be so held; 
        and
            (4) legislation that could be enacted to facilitate the 
        identification of any such assets that may be so held and the 
        return of the assets to the people of the country involved.
    (b) Relevant Information From the International Financial 
Institutions of Which the United States is a Member.--The Secretary of 
the Treasury shall--
            (1) urge each international financial institution (as 
        defined in section 1701(c)(2) of the International Financial 
        Institutions Act) to provide to the Secretary a copy of all 
        available audit reports or other information that the 
        institution has concerning the use of the funds loaned by the 
        institution to governments in which corruption was or is a 
        serious problem;
            (2) release to the public a copy of all reports and 
        information provided pursuant to paragraph (1); and
            (3) include a copy of all such reports and information in 
        each report required by subsection (a).
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