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Money Laundering and Financial Crimes Strategy Act of 1998

Introduced: June 3, 1997 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov
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 Everywhere this bill has been 33 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 30, 1998
Became Public Law No: 105-310.
Oct 30, 1998
Signed by President.
Oct 20, 1998
Presented to President.
Oct 16, 1998
Motion to reconsider laid on the table Agreed to without objection.
Oct 16, 1998
On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (consideration: CR H11029-11031)
Oct 16, 1998
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)
Oct 16, 1998
DEBATE - The House proceeded with forty minutes of debate.
Oct 16, 1998
Mr. Bachus moved that the House suspend the rules and agree to the Senate amendment.
Oct 15, 1998
Passed Senate with an amendment by Unanimous Consent.
Oct 15, 1998
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Oct 15, 1998
Amendment SP 3828 agreed to in Senate by Unanimous Consent.
Oct 15, 1998
Amendment SP 3828 proposed by Senator Craig for Senator Grassley.
Oct 15, 1998
Measure laid before Senate by unanimous consent. (consideration: CR S12625-12627)
Oct 6, 1998
Received in the Senate, read twice.
Oct 5, 1998
Motion to reconsider laid on the table Agreed to without objection.
Oct 5, 1998
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Oct 5, 1998
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Oct 5, 1998
DEBATE - The House proceeded with forty minutes of debate.
Oct 5, 1998
Considered under suspension of the rules. (consideration: CR H9480-9484)
Oct 5, 1998
Mr. Leach moved to suspend the rules and pass the bill, as amended.
Jul 31, 1998
Placed on the Union Calendar, Calendar No. 373.
Jul 31, 1998
Committee on Judiciary discharged.
Jun 25, 1998
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-608, Part I.
Jun 25, 1998
House Committee on Judiciary Granted an extension for further consideration ending not later than July 31, 1998.
Jun 11, 1998
Ordered to be Reported (Amended) by Voice Vote.
Jun 11, 1998
Committee Consideration and Mark-up Session Held.
Jun 17, 1997
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jun 16, 1997
Referred to the Subcommittee on Crime.
Jun 4, 1997
Sponsor introductory remarks on measure. (CR H3280)
Jun 3, 1997
Referred to House Judiciary
Jun 3, 1997
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.
Jun 3, 1997
Referred to House Banking and Financial Services
Jun 3, 1997
Introduced in House
 Plain-English summary Congressional Research Service

Money Laundering and Financial Crimes Strategy Act of 1998 - Amends Federal law governing monetary transactions to redefine money laundering and related financial crimes as either: (1) the movement of illicit cash or cash equivalent proceeds into, out of, or through the United States or through certain U.S. financial institutions; or (2) the meaning given under State and local criminal statutes pertaining to the movement of illicit cash or cash equivalent proceeds.

(Sec. 2) Directs the President (acting through the Secretary of the Treasury and in consultation with the Attorney General) to develop and submit to the Congress a national strategy, with five annual updates, 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 and prosecution initiatives (including seizure and forfeiture of proceeds and instrumentalities derived from such crimes); (4) an enhanced partnership between the private financial sector and law enforcement agencies to target crime detection and prevention; (5) enhanced 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 effectiveness 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: (1) establish a grant program to support local law enforcement efforts in a money laundering detection, prevention, and suppression program; and (2) report to specified congressional committees on the effectiveness and need for the designation of high-risk money laundering and related financial crime areas.

Sets forth grant eligibility criteria.

Authorizes the Secretary, one year after the national strategy is submitted to the Congress, to review, select, and award grants for State or local law enforcement agencies and prosecutors to provide funding necessary to investigate and prosecute money laundering and related financial crimes in high-risk ares.

Authorizes appropriations for FY 1999 through 2003.

What's happening now October 30, 1998

Became Public Law No: 105-310.

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Democratic 1