Page:United States Statutes at Large Volume 115 Part 1.djvu/319

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PUBLIC LAW 107-56—OCT. 26, 2001 115 STAT. 297 (8) United States anti-money laundering efforts are impeded by outmoded and inadequate statutory provisions that make investigations, prosecutions, and forfeitures more dif- ficult, particularly in cases in which money laundering involves foreign persons, foreign banks, or foreign countries; (9) the ability to mount effective counter-measures to international money launderers requires national, as well as bilateral and multilateral action, using tools specially designed for that effort; and (10) the Basle Committee on Banking Regulation and Supervisory Practices and the Financial Action Task Force on Money Laundering, of both of which the United States is a member, have each adopted international anti-money laundering principles and recommendations. (b) PURPOSES. — The purposes of this title are— (1) to increase the strength of United States measures to prevent, detect, and prosecute international money laundering and the financing of terrorism; (2) to ensure that— (A) banking transactions and financial relationships and the conduct of such transactions and relationships, do not contravene the purposes of subchapter II of chapter 53 of title 31, United States Code, section 21 of the Federal Deposit Insurance Act, or chapter 2 of title I of Public Law 91-508 (84 Stat. 1116), or facilitate the evasion of any such provision; and (B) the purposes of such provisions of law continue to be fulfilled, and such provisions of law are effectively and efficiently administered; (3) to strengthen the provisions put into place by the Money Laundering Control Act of 1986 (18 U.S.C. 981 note), especially with respect to crimes by non-United States nationals and foreign financial institutions; (4) to provide a clear national mandate for subjecting to special scrutiny those foreign jurisdictions, financial institutions operating outside of the United States, and classes of international transactions or types of accounts that pose particular, identifiable opportunities for criminal abuse; (5) to provide the Secretary of the Treasury (in this title referred to as the "Secretary") with broad discretion, subject to the safeguards provided by the Administrative Procedure Act under title 5, United States Code, to take measures tailored to the particular money laundering problems presented by specific foreign jurisdictions, financial institutions operating outside of the United States, and classes of international transactions or types of accounts; (6) to ensure that the employment of such measures by the Secretary permits appropriate opportunity for comment by affected financial institutions; (7) to provide guidance to domestic financial institutions on particular foreign jurisdictions, financial institutions operating outside of the United States, and classes of international transactions that are of primary money laundering concern to the United States Government; (8) to ensure that the forfeiture of any assets in connection with the anti-terrorist efforts of the United States permits