S.398 - International Counter-Money Laundering and Foreign Anticorruption Act of 2001107th Congress (2001-2002)
|Sponsor:||Sen. Kerry, John F. [D-MA] (Introduced 02/27/2001)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||02/27/2001 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.398 — 107th Congress (2001-2002)All Bill Information (Except Text)
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.
Introduced in Senate (02/27/2001)
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.