Money Laundering Enforcement Amendments of 1991

Summary

Money Laundering Enforcement Amendments of 1991 - Title I: Termination of Charters and Insurance - Amends the Revised Statutes, the Home Owners' Loan Act, and the Federal Credit Union Act to prescribe procedures for revoking the charters of national banks, savings associations, and credit unions convicted of certain money laundering or cash transaction reporting offenses. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to: (1) prescribe procedures for terminating the insured status of State depository institutions or credit unions convicted of certain money laundering or cash transaction reporting offenses; and (2) revise procedures to remove institution-affiliated parties and personnel involved in currency reporting violations. Amends Federal law to authorize access by State financial institution supervisors to currency transactions reports. Title II: Money Laundering Enforcement - Amends Federal law to direct the Secretary of the Treasury (the Secretary) to: (1) prescribe regulations requiring each depository institution to report to the Secretary certain non-bank financial institution customers for identification purposes; and (2) transmit such reports to appropriate State financial institution regulatory agencies. Authorizes a civil money penalty for violation of such reporting requirements. Amends Federal criminal law to prescribe seizure and forfeiture procedures (including imprisonment) for parties involved in an illegal money transmitting business. Amends the Anti-Drug Abuse Act of 1988 to prohibit financial institutions and their employees from disclosing the existence of a special reporting order to any person except as prescribed by the Secretary. Amends the Federal Deposit Insurance Act to promulgate regulations requiring businesses that engage in funds transfers to maintain (and make available to the Secretary upon request) records of payment orders (including international transactions). Amends the Right to Financial Privacy Act of 1978 to authorize a Federal agency to transfer financial records to the Secretary solely for criminal investigative or prosecutive purposes related to money laundering. Directs the Secretary to report to certain congressional committees the advantages and disadvantages of changing the size, denomination, or color of U.S. currency for money laundering enforcement purposes. Requires the Attorney General to report to the Congress the extent to which compliance with money laundering controls would be enhanced by issuing prosecutorial guidelines. Directs the Secretary of the Treasury to establish a team of experts to assist and train foreign governments in expanding their capabilities for investigating and prosecuting money laundering violations and related laws.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 30 January 1991

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