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Money Laundering Suppression Act of 1994

Introduced: October 7, 1993 See on congress.gov
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 Everywhere this bill has been 17 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 1994
Received in the Senate and read twice and referred to the Committee on Banking.
Mar 21, 1994
Motion to reconsider laid on the table Agreed to without objection.
Mar 21, 1994
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Mar 21, 1994
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Mar 21, 1994
DEBATE - The House proceeded with forty minutes of debate.
Mar 21, 1994
Considered under suspension of the rules. (consideration: CR H1558-1564)
Mar 21, 1994
Mr. Gonzalez moved to suspend the rules and pass the bill, as amended.
Mar 21, 1994
Placed on the Union Calendar, Calendar No. 241.
Mar 21, 1994
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 103-438.
Mar 9, 1994
Ordered to be Reported (Amended) by Voice Vote.
Mar 9, 1994
Committee Consideration and Mark-up Session Held.
Mar 2, 1994
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.
Mar 2, 1994
Subcommittee Consideration and Mark-up Session Held.
Oct 20, 1993
Subcommittee Hearings Held.
Oct 18, 1993
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Oct 7, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Oct 7, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Antimoney Laundering Act of 1993 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions.

Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate information of little value for law enforcement purposes; and (3) assign a single designee to receive reports of suspicious transactions.

Directs the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to each establish a pilot program to test the feasibility of using their own examiners to identify money laundering schemes involving depository institutions under their purview.

Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements.

Empowers Federal banking agencies to assess civil money penalties.

Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating businesses which, although not depository institutions, engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress on the States' progress towards developing a model statute.

Sets forth Federal registration requirements for money transmitting businesses. Establishes civil and criminal penalties for violation of such requirements.

Includes certain casinos and gaming establishments within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements.

Denies exemption from Federal recordkeeping and reporting requirements for monetary instruments transactions to: (1) any State or its political subdivisions; and (2) financial institutions already subject to State regulation. Revokes prior recordkeeping exemptions granted prior to the date of enactment of this Act.

Requires the Secretary to study and report to the Congress on cashiers' checks in association with: (1) money laundering schemes; and (2) the need for additional recordkeeping requirements.

What's happening now March 23, 1994

Received in the Senate and read twice and referred to the Committee on Banking.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1