Money Laundering Prevention Act

Summary

Money Laundering Prevention Act - Authorizes the Secretary of the Treasury to require domestic financial institutions to take special measures, such as requiring reporting of certain transactions, if the Secretary finds that a jurisdiction outside the United States, financial institutions operating abroad, or certain classes of transactions are of primary money laundering concern. Immunizes from liability financial institutions and their staff making disclosures of possible legal violations to a government agency. Sets penalties for violation of geographic targeting orders and record-keeping requirements. Amends: (1) the Federal Deposit Insurance Act to authorize an insured depository institution to disclose certain information concerning involvement of an institution-affiliated party in potentially unlawful activity; and (2) the Annunzio-Wylie Anti-Money Laundering Act to make certain provisions of the Bank Secrecy Act applicable. Prohibits the knowing concealment and attempted transport across U.S. borders, with intent to evade reporting requirements, of currency and monetary instruments in excess of $10,000. Prohibits U.S. correspondent accounts with foreign banks that do not have a physical presence in any country. Extends U.S. district court jurisdiction over certain foreign money launderers. Includes wildlife protection offenses within "specified unlawful activity" under racketeering provisions. Sets penalties for false statements concerning the identity of customers of financial institutions. Provides for forfeiture of funds deposited in foreign banks that have U.S. interbank accounts. Expresses the sense of Congress that: (1) in international deliberations, the U.S. Government should emphasize an approach that addresses governmental corruption; and (2) the United States should continue to support the objectives of the Financial Action Task Force on Money Laundering to combat international money laundering.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 October 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 2 October 2001

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• Introduced in House

  summary · EN · 2 October 2001

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