International Counter-Money Laundering and Foreign Anticorruption Act of 2000

Summary

International Counter-Money Laundering Act of 2000 - Title I: International Counter-Money Laundering Measures - Authorizes the Secretary of the Treasury (the Secretary) to require domestic financial institutions and agencies to take special measures (listed below) if the Secretary finds that reasonable grounds exist for concluding that a jurisdiction outside the United States, one or more financial institutions operating outside the United States, or one or more classes of transactions within or involving a jurisdiction outside the United States is of primary money laundering concern. Directs the Secretary to consider: (1) whether similar action has been or is being taken by other nations or multilateral groups; (2) whether the imposition of any particular special measure would create a significant competitive disadvantage for financial institutions organized in the United States; and (3) 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. Lists the special measures that the Secretary may take: (1) requiring record keeping and reporting of certain financial transactions; (2) requiring the identification of beneficial owners; (3) requiring disclosure of information relating to certain payable-through accounts; (4) requiring disclosure of information relating to certain correspondent accounts; and (5) prohibiting or placing conditions on opening or maintaining certain correspondent or payable-through accounts. Directs the Secretary to: (1) consult with the Secretary of State and the Attorney General in making a finding that reasonable grounds exist for concluding that a jurisdiction, institution, or transaction is of primary money laundering concern; and (2) consider such information as the Secretary considers to be relevant, such as (in the case of a particular jurisdiction) the extent to which that jurisdiction or financial institutions operating therein offer bank secrecy or special tax or regulatory advantages to nonresidents or non-domiciliaries. Title II: Currency Transaction Reporting Amendments and Related Improvements - Revises Federal monetary law relating to reporting suspicious activities to provide that financial institutions and certain of their staff and independent public accountants who audit such institutions: (1) shall not be liable under Federal, State, or local law or under any contract for making certain disclosures of possible violations of laws to a government agency; and (2) may not notify any person involved in the transaction that the transaction has been reported. Prohibits any officer or employee of the Government or any State, local, tribal, or territorial government from disclosing to any person involved in the transaction that the transaction has been reported other than to fulfill duties required by law, with an exception involving employment references. (Sec. 202) Sets civil and criminal penalties for violation of geographic targeting orders and certain record keeping requirements. Lengthens the effective period of such orders. (Sec. 203) Amends the Federal Deposit Insurance Act to authorize any insured depository institution, and any director, officer, employee, or agent of such institution, to 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.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 11 July 2000

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• Reported in House (PDF)

  Reported in House · EN · 11 July 2000

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• Reported to House with amendment(s)

  summary · EN · 11 July 2000

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• Introduced in House (text)

  Introduced in House · EN · 9 March 2000

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• Introduced in House (PDF)

  Introduced in House · EN · 9 March 2000

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• Introduced in House

  summary · EN · 9 March 2000

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