
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-56 Section 354]
[CITE: 31USC5341]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                    CHAPTER 53--MONETARY TRANSACTIONS
 
      SUBCHAPTER III--MONEY LAUNDERING AND RELATED FINANCIAL CRIMES
 
 Part 1--National Money Laundering and Related Financial Crimes Strategy
 
Sec. 5341. National money laundering and related financial 
        crimes strategy
        
    (a) Development and Transmittal to Congress.--
        (1) Development.--The President, acting through the Secretary 
    and in consultation with the Attorney General, shall develop a 
    national strategy for combating money laundering and related 
    financial crimes.
        (2) Transmittal to congress.--By February 1 of 1999, 2000, 2001, 
    2002, and 2003, the President shall submit a national strategy 
    developed in accordance with paragraph (1) to the Congress.
        (3) Separate presentation of classified material.--Any part of 
    the strategy that involves information which is properly classified 
    under criteria established by Executive Order shall be submitted to 
    the Congress separately in classified form.

    (b) Development of Strategy.--The national strategy for combating 
money laundering and related financial crimes shall address any area the 
President, acting through the Secretary and in consultation with the 
Attorney General, considers appropriate, including the following:
        (1) Goals, objectives, and priorities.--Comprehensive, research-
    based goals, objectives, and priorities for reducing money 
    laundering and related financial crime in the United States.
        (2) Prevention.--Coordination of regulatory and other efforts to 
    prevent the exploitation of financial systems in the United States 
    for money laundering and related financial crimes, including a 
    requirement that the Secretary shall--
            (A) regularly review enforcement efforts under this 
        subchapter and other provisions of law and, when appropriate, 
        modify existing regulations or prescribe new regulations for 
        purposes of preventing such criminal activity; and
            (B) coordinate prevention efforts and other enforcement 
        action with the Board of Governors of the Federal Reserve 
        System, the Securities and Exchange Commission, the Federal 
        Trade Commission, other Federal banking agencies, the National 
        Credit Union Administration Board, and such other Federal 
        agencies as the Secretary, in consultation with the Attorney 
        General, determines to be appropriate.

        (3) Detection and prosecution initiatives.--A description of 
    operational initiatives to improve detection and prosecution of 
    money laundering and related financial crimes and the seizure and 
    forfeiture of proceeds and instrumentalities derived from such 
    crimes.
        (4) Enhancement of the role of the private financial sector in 
    prevention.--The enhancement of partnerships between the private 
    financial sector and law enforcement agencies with regard to the 
    prevention and detection of money laundering and related financial 
    crimes, including providing incentives to strengthen internal 
    controls and to adopt on an industrywide basis more effective 
    policies.
        (5) Enhancement of intergovernmental cooperation.--The 
    enhancement of--
            (A) cooperative efforts between the Federal Government and 
        State and local officials, including State and local prosecutors 
        and other law enforcement officials; and
            (B) cooperative efforts among the several States and between 
        State and local officials, including State and local prosecutors 
        and other law enforcement officials,

    for financial crimes control which could be utilized or should be 
    encouraged.
        (6) Project and budget priorities.--A 3-year projection for 
    program and budget priorities and achievable projects for reductions 
    in financial crimes.
        (7) Assessment of funding.--A complete assessment of how the 
    proposed budget is intended to implement the strategy and whether 
    the funding levels contained in the proposed budget are sufficient 
    to implement the strategy.
        (8) Designated areas.--A description of geographical areas 
    designated as ``high-risk money laundering and related financial 
    crime areas'' in accordance with, but not limited to, section 5342.
        (9) Persons consulted.--Persons or officers consulted by the 
    Secretary pursuant to subsection (d).
        (10) Data regarding trends in money laundering and related 
    financial crimes.--The need for additional information necessary for 
    the purpose of developing and analyzing data in order to ascertain 
    financial crime trends.
        (11) Improved communications systems.--A plan for enhancing the 
    compatibility of automated information and facilitating access of 
    the Federal Government and State and local governments to timely, 
    accurate, and complete information.

    (c) Effectiveness Report.--At the time each national strategy for 
combating financial crimes is transmitted by the President to the 
Congress (other than the first transmission of any such strategy) 
pursuant to subsection (a), the Secretary shall submit a report 
containing an evaluation of the effectiveness of policies to combat 
money laundering and related financial crimes.
    (d) Consultations.--In addition to the consultations required under 
this section with the Attorney General, in developing the national 
strategy for combating money laundering and related financial crimes, 
the Secretary shall consult with--
        (1) the Board of Governors of the Federal Reserve System and 
    other Federal banking agencies and the National Credit Union 
    Administration Board;
        (2) State and local officials, including State and local 
    prosecutors;
        (3) the Securities and Exchange Commission;
        (4) the Commodities and Futures Trading Commission;
        (5) the Director of the Office of National Drug Control Policy, 
    with respect to money laundering and related financial crimes 
    involving the proceeds of drug trafficking;
        (6) the Chief of the United States Postal Inspection Service;
        (7) to the extent appropriate, State and local officials 
    responsible for financial institution and financial market 
    regulation;
        (8) any other State or local government authority, to the extent 
    appropriate;
        (9) any other Federal Government authority or instrumentality, 
    to the extent appropriate; and
        (10) representatives of the private financial services sector, 
    to the extent appropriate.

(Added Pub. L. 105-310, Sec. 2(a), Oct. 30, 1998, 112 Stat. 2942.)

                  Section Referred to in Other Sections

    This section is referred to in sections 5342, 5354 of this title.
