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S 1003 105th Congress Senate Crime and Law Enforcement Bank records Congress Congressional reporting requirements Crime prevention Criminal investigation Criminal justice information Criminal justice information systems Criminal statistics Economics and Public Finance Federal aid to law enforcement Federal budgets Finance and Financial Sector Financial institutions Government Operations and Politics Government paperwork Intergovernmental relations Legislation Money laundering Organized crime

Money Laundering and Financial Crimes Strategy Act of 1997

Introduced: July 10, 1997 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 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
 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.

What's happening now July 10, 1997

Read twice and referred to the Committee on Banking.

 Committees of jurisdiction 1