Skip to main content
HR 4005 105th Congress House Finance and Financial Sector Accounting Administrative procedure Auditing Bail Bank accounts Bank directors Bank employees Bank examination Bank holding companies Bank records Business records Checks Coins and coinage Commerce Commercial arbitration Congress Congressional reporting requirements Conspiracy Court records

Money Laundering Deterrence Act of 1998

Introduced: June 5, 1998 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 22 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 6, 1998
Received in the Senate.
Oct 5, 1998
The title of the measure was amended. Agreed to without objection.
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 H9474-9480)
Oct 5, 1998
Mr. Leach moved to suspend the rules and pass the bill, as amended.
Sep 11, 1998
Committee on Ways and Means discharged.
Sep 11, 1998
Placed on the Union Calendar, Calendar No. 405.
Aug 7, 1998
House Committee on Ways and Means Granted an extension for further consideration ending not later than Sept. 11, 1998.
Jul 31, 1998
House Committee on Ways and Means Granted an extension for further consideration ending not later than Aug. 7, 1998.
Jul 31, 1998
Committee on Judiciary discharged.
Jul 8, 1998
House Committee on Ways and Means Granted an extension for further consideration ending not later than July 31, 1998.
Jul 8, 1998
Referred sequentially to the House Committee on the Judiciary for a period ending not later than July 31, 1998 for consideration of such provisions of the bill and amendment recommended by the Committee on Banking and Financial Services as fall within the jurisdiction of that committee pursuant to clause 1(c), rule X.
Jul 8, 1998
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-611, Part I.
Jun 11, 1998
Ordered to be Reported (Amended) by Voice Vote.
Jun 11, 1998
Committee Consideration and Mark-up Session Held.
Jun 5, 1998
Referred to House Ways and Means
Jun 5, 1998
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, 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 5, 1998
Referred to House Banking and Financial Services
Jun 5, 1998
Introduced in House
 Plain-English summary Congressional Research Service

Money Laundering Deterrence Act of 1998 - Revises Federal law to expand the scope of immunity from civil liability (under any contract or other legally enforceable agreement, including an arbitration agreement, as well as under Federal or State law) for disclosures of suspicious monetary transactions made by: (1) a financial institution and any of its directors, officers, employees, or agents to an appropriate governmental agency; or (2) an independent accountant who audits a financial institution. Extends such immunity to any failure to notify either the subject of such disclosure, or any other person identified in it.

(Sec. 3) Prohibits notification of such disclosures or their contents: (1) to any person involved in the suspect transaction; or (2) by any government staff to other government agencies. Exempts from such prohibition any use of related information by government officers in the conduct of either official duties or law enforcement, regulatory, or investigative proceedings.

States that written employment references submitted by a financial institution to another upon request may disclose information concerning possible involvement in suspicious transactions relevant to possible illegalities. Shields from civil liability any financial institution and its directors, officers, employees, and agents for any such disclosures.

Authorizes the Secretary to disseminate information contained in such reports to certain self-regulatory organizations subject to the Securities Exchange Act of 1934, if the Securities and Exchange Commission determines it is necessary or appropriate for such organizations' statutory functions.

(Sec. 4) Authorizes the Secretary to summon financial institution records in connection with examinations to determine compliance with designated statutory requirements.

(Sec. 5) Provides for civil and criminal penalties for violations of orders the Secretary of the Treasury may issue to a financial institution or group of financial institutions in a geographic area (geographic targeting orders). Increases civil and criminal penalties for violations of specified recordkeeping requirements.

Amends the Federal Deposit Insurance Act and specified monetary law to increase civil and criminal penalties for violation of recordkeeping requirements.

(Sec. 6) Amends the Money Laundering Suppression Act of 1994 to repeal the requirement for a periodic status report by the Secretary to the Congress on progress by the States in enacting a model statute to implement uniform State licensing and regulation of check cashing, currency exchange, and money transmitting businesses.

(Sec. 8) Transfers from the Internal Revenue Code to Federal law governing monetary transactions specified reporting requirements relating to coins and currency received in nonfinancial trade or business.

(Sec. 9) Expresses the sense of the Congress that the Secretary, in conjunction with the Board of Governors of the Federal Reserve System, should expedite promulgation of "know your customer" regulations for financial institutions.

What's happening now October 6, 1998

Received in the Senate.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2