Summary: H.R.1114 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.1114. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/20/2001)

International Counter-Money Laundering and Foreign Anticorruption Act of 2001 - Authorizes the Secretary of the Treasury to require domestic financial institutions and agencies to take special measures, such as requiring record-keeping and reporting of certain transactions, identification of beneficial owners, and limitations on payable through and correspondent accounts, if the Secretary finds that a jurisdiction outside the United States, financial institutions operating abroad, or one or more classes of transactions within or involving a foreign jurisdiction is of primary money laundering concern.

Immunizes from liability financial institutions and their staff making certain disclosures of possible legal violations to a government agency. Prohibits them from notifying anyone involved that the transaction has been reported.

Sets penalties for violation of geographic targeting orders and record-keeping requirements.

Amends: (1) the Federal Deposit Insurance Act to authorize an insured depository institution to disclose certain information concerning the possible involvement of an institution-affiliated party in potentially unlawful activity; and (2) the Annunzio-Wylie Anti-Money Laundering Act to make certain provisions of the Bank Secrecy Act applicable to it.

Expresses the sense of Congress that: (1) in international deliberations, the U.S. Government should emphasize an approach that addresses governmental corruption; and (2) the United States should continue to actively and publicly support the objectives of the Financial Action Task Force on Money Laundering with regard to combating international money laundering.