Page:United States Statutes at Large Volume 108 Part 3.djvu/497

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PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2249 (5) CRIMINAL PENALTIES FOR OPERATION OF BUSINESS WITH- OUT A LICENSE.—^A criminal penalty for operating any business referred to in paragraph (1) without a license within the State after the end of an appropriate transition period beginning on the date of enactment of such model statute by the State. (c) STUDY REQUIRED.— The Secretary of the Treasury shall conduct a study of— (1) the progress made by the several States in developing and enacting a model statute which— (A) meets the requirements of subsection (b); and (B) furthers the goals of— (i) preventing money laundering by businesses which are required to be licensed under any such statute; and (ii) protecting the payment system, including the receipt, payment, collection, and clearing of checks, from fraud and abuse by such businesses; and (2) the adequacy of— (A) the activity of the several States in enforcing the requirements of such statute; and (B) the resources made available to the appropriate State agencies for such enforcement activity. (d) REPORT REQUIRED.— Not later than the end of the 3-year period beginning on the date of enactment of this Act and not later than the end of each of the first two 1-year periods beginning after the end of such 3-year period, the Secretary of the Treasury shall submit a report to the Congress containing the findings and recommendations of the Secretary in connection with the study under subsection (c), together with such recommendations for legislative and administrative action as the Secretary may determine to be appropriate. (e) RECOMMENDATIONS IN CASES OF INADEQUATE REGULATION AND ENFORCEMENT BY STATES.—I f the Secretary of the Treasury determines that any State has been unable to— (1) enact a statute which meets the requirements described in subsection (b); (2) undertake adequate activity to enforce such statute; or (3) make adequate resources available to the appropriate State agency for such enforcement activity, the report submitted pursuant to subsection (d) shall contain recommendations of the Secretary which are designed to facilitate the enactment and enforcement by the State of such a statute. (f) FEDERAL FUNDING STUDY. — (1) STUDY REQUIRED.— The Secretary of the Treasury shall conduct a study to identify possible available sources of Federal funding to cover costs which will be incurred by the States in carrying out the purposes of this section. (2) REPORT.—The Secretary of the Treasury shall submit a report to the Congress on the study conducted pursuant to paragraph (1) not later than the end of the 18-month period beginning on the date of enactment of this Act. SEC. 408. REGISTRATION OF MONEY TRANSMITTING BUSINESSES TO PROMOTE EFFECTIVE LAW ENFORCEMENT. (a) FINDINGS AND PURPOSES. — 3i use 5330 (1) FINDINGS.— The Congress hereby finds the following: "°*®-