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8000 - Miscellaneous Statutes and Regulations


TITLE IV—MONEY LAUNDERING

SEC. 401. SHORT TITLE.

This title may be cited as the "Money Laundering Suppression Act of 1994".

[Codified to 31 U.S.C. 5301 note]

[Source:  Section 401 of title IV of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2243), effective September 23, 1994]

SEC. 404. IMPROVEMENT OF IDENTIFICATION OF MONEY LAUNDERING SCHEMES.

(a)  ENHANCED TRAINING, EXAMINATIONS, AND REFERRALS BY BANKING AGENCIES.--Before the end of the 6-month period beginning on the date of enactment of this Act, each appropriate Federal banking agency shall, in consultation with the Secretary of the Treasury and other appropriate law enforcement agencies--

(1)  review and enhance training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and

(2)  review and enhance procedures for referring cases to any appropriate law enforcement agency.

(b)  IMPROVED REPORTING OF CRIMINAL SCHEMES BY LAW ENFORCEMENT AGENCIES.--The Secretary of the Treasury and each appropriate law enforcement agency shall provide, on a regular basis, information regarding money laundering schemes and activities involving depository institutions to each appropriate Federal banking agency in order to enhance each agency's ability to examine for and identify money laundering activity.

(c)  REPORT TO CONGRESS.--The Financial Institutions Examination Council shall submit a report on the progress made in carrying out subsection (a) and the usefulness of information received pursuant to subsection (b) to the Congress by the end of the 1-year period beginning on the date of enactment of this Act.

(d)  DEFINITION.--For purposes of this section, the term "appropriate Federal banking agency" has the same meaning as in section 3 of the Federal Deposit Insurance Act.

[Codified to 31 U.S.C. 5318 note]

[Source:  Section 404 of title IV of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2246), effective September 23, 1994]


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