Page:United States Statutes at Large Volume 102 Part 5.djvu/285

 PUBLIC LAW 1 0 0 - 6 9 0 - N O V. 18, 1988

102 STAT. 4291

(2) the United States should play a leadership role in the development of an international system of a similar kind. (b) PURPOSE.—It is the purpose of this section to urge the United States Government, to the maximum extent practicable, to seek the active cooperation of other countries in the enforcement of these statutes, since only a truly multilateral approach can be effective in eliminating bank haven loopholes through which money launderers can escape. (c) ESTABLISHMENT OF INTERNATIONAL AGENCY.—The Congress

urges the Secretary of the Treasury to n ^ o t i a t e with finance ministers of foreign countries to establish an international currency control agency to— (1) serve as a central source of information and database for international drug enforcement agencies; (2) collect and analyze currency transaction reports filed by member countries; and (3) encourage the adoption, by member countries, of uniform cash transaction and money laundering statutes. (d) MAINTENANCE OF DOMESTIC EFFORT.—While establishing a multilateral agency will be the most effective method of combating money laundering, the United States must itself continue to do everything it can to curb international money laundering. SEC. 4702. RESTRICTIONS ON LAUNDERING OF UNITED STATES CURRENCY.

(a) FINDINGS.—The Congress finds that international currency transactions, especially in United States currency, that involve the proceeds of narcotics trafficking fuel trade in narcotics in the United States and worldwide and consequently are a threat to the national security of the United States. (b) PURPOSE.—The purpose of this section is to provide for international negotiations that would expand access to information on transactions involving large amounts of United States currency wherever those transactions occur worldwide. (c) NEGOTIATIONS.—(1) The Secretary of the Treasury (hereinafter in this section referred to as the "Secretary") shall enter into negotiations with the appropriate financial supervisory agencies and other officials of any foreign country the financial institutions of which do business in United States currency. Highest priority shall be attached to countries whose financial institutions the Secretary determines, in consultation with the Attorney General and the Director of National Drug Control Policy, may be engaging in currency transactions involving the proceeds of international narcotics trafficking, particularly United States currency derived from drug sales in the United States. (2) The purposes of negotiations under this subsection are— (A) to reach one or more international agreements to ensure that foreign banks and other financial institutions maintain adequate records of large United States currency transactions, and (B) to establish a mechanism whereby such records may be made available to United States law enforcement officials. In carrying out such negotiations, the Secretary should seek to enter into and further cooperative efforts, voluntary information exchanges, the use of letters rt^atory, and mutual legal assistance treaties.

31 USC 5311 note.

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