Foreign Money Laundering Deterrence and Anticorruption Act

Summary

Foreign Money Laundering Deterrence and Anticorruption Act - Amends Federal law governing monetary transactions to set forth requirements relating to transactions and accounts with or on behalf of foreign entities. (Sec. 4) Expresses the sense of Congress that, in its deliberations with another country concerning money laundering and corruption issues, the United States should: (1) emphasize an approach that addresses not only the laundering of traditional criminal activity proceeds, but also the endemic problem of governmental corruption and the corruption of ruling elites; and (2) encourage enactment and enforcement of laws in such country to prevent money laundering and systemic corruption. Directs the Secretary of the Treasury to: (1) instruct the United States Executive Directors of each international financial institution to oppose any loan, disbursement, or other utilization of resources by the international financial institution (other than to address basic human needs) for any country the Secretary determines has a high level of corruption and is not taking meaningful steps to reduce it; and (2) report annually to Congress on deliberations between the United States and other countries regarding money laundering and corruption issues. (Sec. 5) Revises Federal law with respect to immunity from civil liability for disclosures of suspicious monetary transactions made by a financial institution and any of its directors, officers, employees, or agents to: (1) limit such disclosures to those made to an appropriate governmental agency; (2) extend such immunity to an independent accountant who audits a financial institution; and (3) include immunity from liability under contracts or other legally enforceable agreements. Extends such immunity also to any failure to notify either the subject of such disclosure, or any other person identified in it. Makes such immunity inapplicable to any disclosure or communication required under Federal securities law unless such law specifically refers to the Currency and Foreign Transactions Reporting Act of 1970. Prohibits notification of such disclosures or their contents to any person involved in the suspect transaction by any person, including any Government officer or employee, who knows that a report has been made. Exempts from such prohibition any use of related information by government officers in the conduct of either official duties or law enforcement, regulatory, or investigative proceedings. States that written employment references submitted by a financial institution to another upon request may disclose information concerning possible involvement in suspicious transactions relevant to possible illegalities. Shields from civil liability any financial institution and its directors, officers, employees, and agents for such a disclosure, unless it is false or made with reckless disregard for the truth. (Sec. 6) Amends Federal criminal law to specify new unlawful money laundering activities, including: (1) fraud committed against a foreign governmental entity; (2) certain munitions smuggling or export; (3) misuse of funds of certain international institutions, including the International Monetary Fund; and (4) failure to report to the appropriate Federal agency the ownership or control of a foreign corporation, of a financial account, or of a beneficial interest in a foreign trust. (Sec. 7) Imposes a fine or imprisonment penalty for false statements concerning the identity of customers of financial institutions.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 September 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 21 September 1999

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• Introduced in House

  summary · EN · 21 September 1999

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