Money Laundering Enforcement Amendments of 1991

openUnited States· United States Congress· EN

Introduced

3 January 1991

Last action

23 November 1991 · Committee

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 366.

Summary

Money Laundering Enforcement Amendments of 1991 - Amends the Bank Conservation Act, the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Federal Credit Union Act to authorize the appointment of a conservator for a depository institution convicted of money laundering offenses (including insured Federal and State savings associations and State banks). Exempts from conservatorship any such institution whose ownership or control has changed after commission of the offense and whose new owner or controlling person was not affiliated with it at the time of the offense. Amends the Revised Statutes, the Home Owners' Loan Act, and the Federal Credit Union Act to prescribe guidelines for the revocation of depository institutions' charters and forfeiture of franchises upon conviction for money laundering offenses (including the conviction of senior level management for such offenses). Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to: (1) prescribe guidelines for the termination of the insured status of State depository institutions, including State chartered credit unions, convicted of money laundering; and (2) authorize the removal of any party from office or its suspension from participation in the affairs of the institution if the party is determined to have committed certain currency reporting violations. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require specified regulatory agencies to include in their annual reports to the Congress the identification of depository institutions convicted of money laundering offenses and the agencies' enforcement activities. Amends the Federal criminal code to require the Attorney General to notify the appropriate regulatory agency in writing if any financial institution or its personnel have been convicted of certain money laundering offenses. Amends Federal law regarding monetary transactions to authorize the Secretary of the Treasury to: (1) impose civil money penalties upon a financial institution for negligent violations of this Act or for a pattern of negligent violations; and (2) order a depository institution to request that its customers submit cash transaction reports. Amends Federal law regarding money transactions to direct the Secretary of the Treasury to: (1) prescribe regulations requiring each depository institution to file identification reports regarding certain financial institution customers; and (2) make such reports available to State financial institution supervisory agencies for supervisory purposes. Expresses the sense of the Congress that the States should: (1) establish uniform regulations and licensing requirements (meeting specified criteria) for non-depository institutions engaged in check cashing businesses; and (2) develop a model statute incorporating such uniform regulations. Requires the Secretary to study and report to the Congress on the progress made by the States in enacting uniform legislation. Expresses the sense of the Congress that the States should consider, in connection with such uniform legislation, whether fee limitations are appropriate with respect to money cashing or redemption activities. Amends the Federal criminal code to establish criminal penalties for persons participating in an illegal money transmitting business. Amends the Federal Deposit Insurance Act to direct the Secretary to promulgate final regulations requiring insured depository institutions and businesses involved in funds transfers to maintain records of certain kinds of payment orders involving international transactions as will have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. Mandates that such records be made available to the Secretary upon request. Prohibits a financial institution or its personnel from disclosing the existence of a Federal information targeting order except as prescribed by the Secretary. Authorizes the Secretary of the Treasury and the Attorney General to issue civil enforcement and prosecutorial guidelines for currency transactions. Amends the Bank Secrecy Act to require a person to certify to the relevant financial institution in writing under penalty of perjury the basis for requesting an exemption from cash transaction reporting requirements. Requires an annual update of such certification. Requires the Secretary to make currency transaction reports available to any State depository institution's supervisory agency. Requires the Secretary to establish an Advisory Group on Reports on Monetary Instruments Transactions to serve as a conduit between the Federal and private sectors regarding the status of currency transaction reporting activities. Requires the Board of Governors of the Federal Reserve System to provide, at the Attorney General's or Secretary's request, information regarding the cash surplus reports of the Federal Reserve banks which may be relevant to investigations under this Act. Requires the Comptroller General to study and report to the Congress on the feasibility of a "Financial Crimes Enforcement Network" proposed to be established among Federal agencies and banking agencies. Requires the Secretary of the Treasury to: (1) collect and maintain information on amounts and denominations of currency confiscated in connection with drug seizures and drug-related money laundering operations, as well as the total dollar amount of each denomination of such notes and currency; (2) develop a plan to collect the same information from State and local agencies; (3) report to the Congress on such plan, together with biannual summaries of the information collected; and (4) report to the Congress on the need for additional information regarding how frequently $50 and $100 notes are used in drug trafficking and other illegal activities, and the possible deterrent effect the withdrawal of such notes would have on such activities. Directs such Secretary to report to certain congressional committees on the advantages and disadvantages of: (1) changing the physical format of U.S. currency for money laundering purposes; or (2) using a different color for U.S. currency in circulation outside the United States. Amends the Right to Financial Privacy Act to provide that financial records transferred by a regulatory agency to the Secretary of the Treasury for possible criminal violations shall be used only for criminal investigative or prosecutive purposes relating to money laundering by the Department of the Treasury. Amends the Federal Deposit Insurance Act to establish additional whistleblower protections for employees of depository institutions and Federal regulatory agencies who provide information about possible banking law violations. Subjects to certain cash reporting requirements any officer of either House of the Congress who provides check cashing or deposit services for Members of Congress. Amends Federal law relating to international monetary instrument transaction reporting requirements to prohibit: (1) failure to file the requisite reports; (2) filing material omissions or misstatements of facts in such reports; and (3) participation in structuring any importation or exportation of monetary instruments.

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Timeline

3 January 1991
Introduced
Referred to the House Committee on Banking, Finance + Urban Affrs.
Source: IntroReferral
3 January 1991
Introduced
Introduced in House
Source: IntroReferral
3 January 1991
Introduced
Introduced in House
Source: IntroReferral
1 February 1991
Referred
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Source: Committee
19 February 1991
Committee
Subcommittee Hearings Held.
Source: Committee
27 February 1991
Committee
Subcommittee Consideration and Mark-up Session Held.
Source: Committee
27 February 1991
Committee
Forwarded by Subcommittee to Full Committee (Amended).
Source: Committee
7 March 1991
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
7 March 1991
Reported
Ordered to be Reported (Amended).
Source: Committee
20 March 1991
Introduced
Referred jointly and sequentially to the House Committee on Foreign Affairs for a period ending not later than May 23, 1991 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to the provisions of clause 1(i), rule X.
Source: IntroReferral
20 March 1991
Reported
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-28, Part I.
Source: Committee
20 March 1991
Reported
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-28, Part I.
Source: Committee
25 March 1991
Referred
Referred to the Subcommittee on Crime and Criminal Justice.
Source: Committee
21 May 1991
Reported
Ordered to be Reported (Amended).
Source: Committee
21 May 1991
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
23 May 1991
Calendars
Placed on the Union Calendar, Calendar No. 50.
Source: Calendars
23 May 1991
Discharge
Committee on Judiciary discharged.
Source: Discharge
23 May 1991
Committee
Committee on Judiciary discharged.
Source: Committee
23 May 1991
Reported
Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 102-28, Part II.
Source: Committee
23 May 1991
Reported
Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 102-28, Part II.
Source: Committee
10 June 1991
Vote
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed until June 11.
Source: Floor
10 June 1991
Floor
DEBATE - The House proceeded with forty minutes of debate.
Source: Floor
10 June 1991
Floor
Considered under suspension of the rules.
Source: Floor
10 June 1991
Floor
Mr. Annunzio moved to suspend the rules and pass the bill, as amended.
Source: Floor
11 June 1991
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
11 June 1991
Vote
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 406 - 0 (Roll No. 147).
Source: Floor
11 June 1991
Vote
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 406 - 0 (Roll No. 147).
Source: Floor
11 June 1991
Floor
Considered as unfinished business.
Source: Floor
13 June 1991
Introduced
Received in the Senate and read twice and referred to the Committee on Banking.
Source: IntroReferral
23 November 1991
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 366.
Source: Calendars
23 November 1991
Discharge
Senate Committee on Banking discharged by Unanimous Consent.
Source: Discharge
23 November 1991
Committee
Senate Committee on Banking discharged by Unanimous Consent.
Source: Committee

Votes

No vote records are attached yet.

Versions

Engrossed in House · — · Download file
Introduced in House · — · Download file
Placed on Calendar Senate · — · Download file
Referred in Senate · — · Download file
Reported in House · — · Download file

Documents

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Reported in House (text)

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Reported in House (text)
Reported in House · EN
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Referred in Senate (text)
Referred in Senate · EN
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Placed on Calendar Senate (text)
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Introduced in House (text)
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Engrossed in House (text)
Engrossed in House · EN
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Passed House amended
summary · EN · 11 June 1991
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Reported to House amended, Part II
summary · EN · 23 May 1991
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Reported to House amended, Part I
summary · EN · 20 March 1991
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Introduced in House
summary · EN · 3 January 1991
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Related records

related to ← Financial Institutions Enforcement Improvements Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/102nd-congress/house-bill/26
Open data entity: https://api.congress.gov/v3/bill/102/hr/26
us · 102-hr-26 · source updated 14 January 2025