Money Laundering Enforcement Amendments of 1991

Money Laundering Enforcement Amendments of 1991 - Amends the Bank Conservation Act, the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Federal Credit Union Act to authorize the appointment of a conservator for a depository institution convicted of money laundering offenses (including insured Federal and State savings associations and State banks). Exempts from conservatorship any such institution whose ownership or control has changed after commission of the offense and whose new owner or controlling person was not affiliated with it at the time of the offense.

Amends the Revised Statutes, the Home Owners' Loan Act, and the Federal Credit Union Act to prescribe guidelines for the revocation of depository institutions' charters and forfeiture of franchises upon conviction for money laundering offenses (including the conviction of senior level management for such offenses).

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to prescribe guidelines: (1) for the termination of the insured status of State depository institutions, including State chartered credit unions, convicted of money laundering; and (2) to authorize the removal of any party from office, or its suspension from participation in the affairs of the institution, if the party is determined to have committed certain currency reporting violations.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require specified regulatory agencies to identify in their annual reports to the Congress any depository institutions convicted of money laundering offenses and the agencies' enforcement activities.

Amends the Federal criminal code to require the Attorney General to notify the appropriate regulatory agency in writing if any financial institution or its personnel have been convicted of certain money laundering offenses.

Amends Federal law regarding monetary transactions to authorize the Secretary of the Treasury to: (1) impose civil money penalties upon a financial institution for negligent violations of this Act or for a pattern of negligent violations; and (2) order a depository institution to request that its customers submit cash transaction reports.

Amends Federal law regarding money transactions to direct the Secretary of the Treasury to: (1) prescribe regulations requiring each depository institution to file identification reports regarding certain financial institution customers; and (2) make such reports available to State financial institution supervisory agencies for supervisory purposes.

Expresses the sense of the Congress that the States should: (1) establish uniform regulations and licensing requirements (meeting specified criteria) for non-depository institutions engaged in check cashing businesses; and (2) develop a model statute incorporating such uniform regulations.

Requires the Secretary to study and report to the Congress on the progress made by the States in enacting uniform legislation. Expresses the sense of the Congress that the States should consider, in connection with such uniform legislation, whether fee limitations are appropriate with respect to money cashing or redemption activities.

Amends the Federal criminal code to establish criminal penalties for persons participating in an illegal money transmitting business.

Amends the Federal Deposit Insurance Act to direct the Secretary and the Board of Governors of the Federal Reserve System (the Board) to jointly prescribe regulations requiring insured depository institutions and businesses involved in domestic and international funds transfers to maintain records of certain kinds of payment orders that will have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. Mandates that such records be made available to the Secretary or the Board upon request. Prohibits a financial institution or its personnel from disclosing the existence of a Federal information targeting order except as prescribed by the Secretary.

Amends the Right to Financial Privacy Act to exempt from civil liability a financial institution which in good faith has reported suspicious monetary transactions, or, after making such a disclosure, has refused to do business with a customer on the good faith suspicion of illegality.

Amends Federal law regarding monetary transactions to prohibit a financial institution from discriminating against an employee who has provided Federal agencies with information regarding possible Federal violations. Grants such employees the right to file a civil action in Federal court seeking specified remedies for any such discrimination.

Amends the Bank Secrecy Act to require the Secretary to make currency transaction reports available to any State depository institution's supervisory agency.

Requires the Secretary to establish a Bank Secrecy Act Advisory Group to serve as a conduit between the Federal and private sectors regarding the status of currency transaction reporting activities.

Requires the Board to provide, at the Attorney General's or Secretary's request, information regarding the cash surplus reports of the Federal Reserve banks which may be relevant to investigations under this Act.

Requires the Comptroller General to study and report to the Congress on the feasibility of a "Financial Crimes Enforcement Network" proposed to be established among other Federal agencies and Federal banking agencies.

Requires the Secretary of the Treasury to: (1) collect and maintain information on amounts and denominations of currency confiscated in connection with drug seizures and drug-related money laundering operations, as well as the total dollar amount of each denomination of such notes and currency; (2) develop a plan to collect the same information from State and local agencies; (3) report to the Congress on such plan, together with biannual summaries of the information collected; and (4) report to the Congress on the need for additional information regarding how frequently $50 and $100 notes are used in drug trafficking and other illegal activities, and the possible deterrent effect the withdrawal of such notes would have on such activities. Directs the Secretary to report to certain congressional committees on the advantages and disadvantages of: (1) changing the physical format of United States currency for money laundering purposes; or (2) using a different color for United States currency in circulation outside the United States.

Amends the Right to Financial Privacy Act to provide that financial records transferred by a regulatory agency to the Secretary of the Treasury for possible criminal violations shall be used only for criminal investigative or prosecutive purposes relating to money laundering by the Department of the Treasury.

Amends the Federal Deposit Insurance Act, the Federal Credit Union Act and the Federal Home Loan Bank Act to establish additional whistleblower protections for employees of depository institutions, Federal regulatory agencies, the Resolution Trust Corporation (RTC) or any RTC contractors who provide information about possible banking law violations.

Subjects to certain cash reporting requirements any officer of either House of the Congress who provides check cashing or deposit services for Members of Congress.

Amends the International Banking Act of 1978 to authorize the Federal Reserve Board to prohibit any State branch or agency of a foreign financial institution that has been convicted of money laundering in the United States from engaging directly or indirectly in the payment system. Outlines notice and hearing procedures.

Amends Federal law relating to international monetary instrument transaction reporting requirements to prohibit: (1) failure to file the requisite reports; (2) filing material omissions or misstatements of facts in such reports; and (3) participation in structuring any importation or exportation of monetary instruments.

Directs the Secretary to study the feasibility of electronic scanning of U.S. currency.

Directs the Comptroller General of the United States to report to the Congress the results of a study regarding the manner in which the Secretary has implemented and enforced compliance with recordkeeping and reporting requirements of the cash transaction reporting system.

Prohibits a financial institution or associated personnel from disclosing that fact to any person that is the subject of information provided to Federal officials concerning possible Federal violations or suspicious transactions.

Amends Federal criminal law to preclude the use of certain defenses in civil forfeiture actions with respect to fungible property that is in the form of cash or specified monetary instruments.

Outlines the procedure for: (1) administrative subpoenas issued by the Attorney General; and (2) subpoenas for bank records. Authorizes any person privy to grand jury information about a banking law violation or money laundering (received in the course of Federal law enforcement) to disclose such information to a Government attorney for use in enforcing specified Federal laws. Makes the penalty for conspiracy to commit a money laundering offense the same as the penalty for the substantive offense itself.

Amends the Foreign Assistance Act of 1961 regarding international narcotics control to require the President to include in his annual International Narcotics Control Strategy Report to certain congressional committees: (1) the status of certain cooperative efforts between the United States and countries identified as major money laundering centers; (2) findings on such countries' adoption of laws and regulations considered essential to prevent narcotics-related money laundering; (3) instances of refusal by such countries to cooperate with foreign governments and the U.S. response (including any sanctions or penalties); and (4) information on bilateral and multilateral strategies pursued by certain Federal agencies to ensure the cooperation of foreign governments with respect to narcotics-related money laundering, and to demonstrate that all Federal agencies are pursuing a common strategy with respect to major money laundering countries.