Page:United States Statutes at Large Volume 100 Part 4.djvu/313

 PUBLIC LAW 99-570—OCT. 27, 1986

100 STAT. 3207-34

participating country to eliminate the international flow of money derived from illicit drug operations and other criminal activities. (b) REPORT ON DISCUSSIONS REQUIRED.—Before the end of the



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month period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall prepare and transmit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the results of discussions initiated pursuant to subsection (a). (c) STUDY OF MONEY LAUNDERING THROUGH FOREIGN BRANCHES OF DOMESTIC FINANCIAL INSTITUTIONS REQUIRED.—The Secretary of the

Treasury, in consultation with the Attorney General and the Board of Governors of the Federal Reserve System, shall conduct a study of— (1) the extent to which foreign branches of domestic institutions are used— (A) to facilitate illicit transfers of coins, currency, and other monetary instruments (as such term is defined in section 5812(a)(3) of title 31, United States Code) into and out of the United States; and (B) to evade reporting requirements with respect to any ft«»« transfer of coins, currency, and other monetary instruments (as so defined) into and out of the United States; (2) the extent to which the law of the United States is applicable to the activities of such foreign branches; and (3) methods for obtaining the cooperation of the country in which any such foreign branch is located for purposes of enforcing the law of the United States with respect to transfers, and reports on transfers, of such monetary instruments into and out of the United States. (d) REPORT ON STUDY OF FOREIGN BRANCHES REQUIRED.—Before

the end of the 9-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall prepare and transmit a report to the Committee on Banking, Finance and Urban Affairs and the Committee on the Judiciary of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on the Judiciary of the Senate on the results of the study conducted pursuant to subsection (c). SEC. 1364. EFFECTIVE DATES. (a) The amendment made by section 1354 shall apply with respect to transactions for the payment, receipt, or transfer of United States coins or currency or other monetary instruments completed after the end of the 3-month period beginning on the date of the enact ment of this Act. (b) The amendments made by sections 1355(b) and 1357(a) shall apply with respect to violations committed after the end of the 3month period beginning on the date of the enactment of this Act. (c) The amendments made by section 1357 (other than subsection (a) of such section) shall apply with respect to violations committed after the date of the enactment of this Act. (d) Any regulation prescribed under the amendments made by section 1358 shall apply with respect to transactions completed after the effective date of such regulation. (e) The regulations required to be prescribed under the amendments made by section 1359 shall take effect at the end of the 3month period beginning on the date of the enactment of this Act,

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31 USC 5324 note.

31 USC 5317 ^°^31 USC 5321 "o^e31 USC 5316 "^te. 12 USC 1464 ^°^-

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