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S. 1003 105th Congress Senate

Money Laundering and Financial Crimes Strategy Act of 1997

Official title: A bill to amend chapter 53 of title 31, United States Code, to require the development and implementation by the Secretary of the Treasury of a national money … Show full official titleShow less

Official title: A bill to amend chapter 53 of title 31, United States Code, to require the development and implementation by the Secretary of the Treasury of a national money laundering and related financial crimes strategy to combat money laundering and related financial crimes, and for other purposes.

Introduced: July 10, 1997 Introduced by: Chuck Grassley Republican · Iowa See on congress.gov
Crime and Law Enforcement Bank recordsCongressCongressional reporting requirementsCrime prevention
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Criminal investigationCriminal justice informationCriminal justice information systemsCriminal statisticsEconomics and Public FinanceFederal aid to law enforcementFederal budgetsFinance and Financial SectorFinancial institutionsGovernment Operations and PoliticsGovernment paperworkIntergovernmental relationsLegislationMoney launderingOrganized crimePlanning-programming-budgetingProsecutionStrategic planning
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 10, 1997
Read twice and referred to the Committee on Banking.
Jul 10, 1997
Sponsor introductory remarks on measure. (CR S7212)
Jul 10, 1997
Introduced in Senate
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 Latest action July 10, 1997

Read twice and referred to the Committee on Banking.

 Plain-English summary Congressional Research Service

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 annually to the Congress a national strategy for combating money laundering and related financial crimes. Prescribes strategy contents.

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 the designation of a high-risk money laundering and related financial crimes area.

Authorizes the Secretary to 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.

Instructs the Director of the Office of Management and Budget to establish the funding for law enforcement activities regarding 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 of and need for the designation of high-risk money laundering and related financial crime areas.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1003: Money Laundering and Financial Crimes Strategy Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-S-1003/
MLA
"S. 1003: Money Laundering and Financial Crimes Strategy Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-S-1003/.
Bluebook (legal)
S. 1003, 105th Cong. (2026), https://openamerica.io/bill/105-S-1003/.
Markdown link
[S. 1003: Money Laundering and Financial Crimes Strategy Act of 1997](https://openamerica.io/bill/105-S-1003/)
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