Money Laundering and Financial Crimes Strategy Act of 1998

Summary

Money Laundering and Financial Crimes Strategy Act of 1997 - Amends Federal law governing monetary transactions to direct the President (acting through the Secretary of the Treasury) to develop and submit to the Congress a biennial national strategy for combating money laundering and related financial crimes. Requires such strategy to include: (1) research-based goals, objectives, and priorities; (2) prevention measures coordinated with other agencies; (3) detection initiatives; (4) an enhanced partnership between the private financial sector and law enforcement agencies to target crime detection and prevention; (5) intergovernmental cooperation between Federal, State, and local officials; and (6) a description of geographical areas designated as high-risk money laundering and related financial crime areas. Instructs the Secretary to submit to the Congress contemporaneously with such strategy an evaluation of the efficacy of policies to combat money laundering and related financial crimes. Requires: (1) an element of the national strategy to be the designation of certain geographic areas, industries, sectors, or institutions as areas in which money laundering and related financial crimes are extensive or present a substantial risk; and (2) the Secretary to take specified factors into consideration when identifying such areas. Authorizes certain Federal, State and local officials and prosecutors to submit a written request for: (1) the designation of a high-risk money laundering and related financial crimes area; or (2) funding for a specific prevention or enforcement initiative, or to determine the extent of financial criminal activity in an area. Directs the Secretary to coordinate and develop a national strategy for combating money laundering and financial crimes. Authorizes the Secretary to: (1) establish joint cooperative efforts and to coordinate enforcement activities among Federal, State and local law enforcement agencies; and (2) award grants to State and local law enforcement agencies and prosecutors to investigate and prosecute money laundering and related financial crimes in high-risk money laundering areas (with special preference given to collaborative efforts of several State and local law enforcement agencies or prosecutors with a history of intergovernmental cooperative law enforcement and prosecutorial efforts in responding to such criminal activity). Authorizes appropriations. (Sec. 3) Instructs the Director of the Office of Management and Budget to establish the funding for law enforcement activities with respect to money laundering and related financial crimes for each applicable department or agency as a separate object class in each annual budget submitted to the Congress. Directs the Secretary to report to specified congressional committees on the effectiveness and need for the designation of high-risk money laundering and related financial crime areas.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 June 1997

   Introduced

   Referred to House Banking and Financial Services

   Source: IntroReferral

2. 3 June 1997

   Introduced

   Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 3 June 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 June 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 4 June 1997

   Introduced

   Sponsor introductory remarks on measure. (CR H3280)

   Source: IntroReferral

6. 16 June 1997

   Referred

   Referred to the Subcommittee on Crime.

   Source: Committee

7. 17 June 1997

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

8. 11 June 1998

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

9. 11 June 1998

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

10. 25 June 1998

    Reported

    Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-608, Part I.

    Source: Committee

11. 25 June 1998

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than July 31, 1998.

    Source: IntroReferral

12. 25 June 1998

    Reported

    Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-608, Part I.

    Source: Committee

13. 31 July 1998

    Calendars

    Placed on the Union Calendar, Calendar No. 373.

    Source: Calendars

14. 31 July 1998

    Discharge

    Committee on Judiciary discharged.

    Source: Discharge

15. 31 July 1998

    Committee

    Committee on Judiciary discharged.

    Source: Committee

16. 5 October 1998

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

17. 5 October 1998

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

    Source: Floor

18. 5 October 1998

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

    Source: Floor

19. 5 October 1998

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

20. 5 October 1998

    Floor

    Considered under suspension of the rules. (consideration: CR H9480-9484)

    Source: Floor

21. 5 October 1998

    Floor

    Mr. Leach moved to suspend the rules and pass the bill, as amended.

    Source: Floor

22. 6 October 1998

    Introduced

    Received in the Senate, read twice.

    Source: IntroReferral

23. 15 October 1998

    Passed

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

    Source: Floor

24. 15 October 1998

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S12625-12627)

    Source: Floor

25. 16 October 1998

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

26. 16 October 1998

    Passed

    On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (consideration: CR H11029-11031)

    Source: ResolvingDifferences

27. 16 October 1998

    Passed

    Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.(consideration: CR H11029-11031)

    Source: NotUsed

28. 16 October 1998

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

29. 16 October 1998

    ResolvingDifferences

    Mr. Bachus moved that the House suspend the rules and agree to the Senate amendment.

    Source: ResolvingDifferences

30. 20 October 1998

    Floor

    Presented to President.

    Source: Floor

31. 20 October 1998

    President

    Presented to President.

    Source: President

32. 30 October 1998

    Became law

    Became Public Law No: 105-310.

    Source: President

33. 30 October 1998

    Became law

    Signed by President.

    Source: BecameLaw

34. 30 October 1998

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

• Enrolled Bill · — · Download file
• Public Law · 30 October 1998 · Download file
• Engrossed Amendment Senate · 15 October 1998 · Download file
• Engrossed in House · 5 October 1998 · Download file
• Reported in House · 31 July 1998 · Download file
• Introduced in House · 3 June 1997 · Download file

Documents

16 official files

• Enrolled Bill (text)

  Enrolled Bill · EN

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• Enrolled Bill (PDF)

  Enrolled Bill · EN

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  Vertaal document

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• Public Law (text)

  Public Law · EN · 30 October 1998

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  Vertaal document

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• Public Law (PDF)

  Public Law · EN · 30 October 1998

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN · 15 October 1998

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  Vertaal document

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• Engrossed Amendment Senate (PDF)

  Engrossed Amendment Senate · EN · 15 October 1998

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  Vertaal document

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• Passed Senate amended

  summary · EN · 15 October 1998

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  Vertaal document

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• Engrossed in House (text)

  Engrossed in House · EN · 5 October 1998

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  Vertaal document

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• Engrossed in House (PDF)

  Engrossed in House · EN · 5 October 1998

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  Vertaal document

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• Passed House amended

  summary · EN · 5 October 1998

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  Vertaal document

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• Reported in House (text)

  Reported in House · EN · 31 July 1998

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported in House (PDF)

  Reported in House · EN · 31 July 1998

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to House amended, Part I

  summary · EN · 25 June 1998

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  Vertaal document

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• Introduced in House (text)

  Introduced in House · EN · 3 June 1997

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (PDF)

  Introduced in House · EN · 3 June 1997

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 3 June 1997

  Open at official source

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Sponsors

• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• Rep. Leach, James A. [R-IA-2] · R · Sponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Bachus, Spencer [R-AL-6] · R · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Cosponsor
• Rep. Engel, Eliot L. [D-NY-16] · D · Cosponsor
• Rep. Ackerman, Gary L. [D-NY-5] · D · Cosponsor
• · hsju00 · Standing
• · hsba00 · Standing

Related records

• amends ← To amend the definition of "money laundering and related financial crimes".

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