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United States · Law · HR

H.R. 1756 (105th)

Money Laundering and Financial Crimes Strategy Act of 1998

enactedUnited States· United States Congress· EN

Introduced

3 June 1997

Last action

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Status

Became Public Law No: 105-310.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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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.

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Documents

16 official files

Enrolled Bill (text)

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