Page:United States Statutes at Large Volume 106 Part 5.djvu/423

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4061 (2) by inserting after paragraph (6) the following new paragraph (7): (7)(A) Each report pursuant to this subsection shall include a report on major money laundering countries. This report shall specify— "(i) which countries are major money laundering countries; "(ii) which countiies identified pursuant to clause (i) have financial institutions engaging in currenpy transactions involving intemationcd narcotics trafficking proceeds that include significant amounts of United States currency or currency derived from illegal drug sales in the United States or that otherwise significantly affect the United States; "(iii) which countries identified pursuant to clause (ii) have not reached agreement with the United States authorities on a mechanism for exchanging adequate records in connection with narcotics investigations and proceedings; (iv) which countries identified pursuant to clause (iii)— (I) are negotiating in good faith with the United States to establish such a record-exchange mechanism, or '*(II) have adopted laws or regulations that ensure the availability to appropriate United States Government personnel and those of other governments of adequate records in connection with narcotics investigations and proceedings; and "(v) which countries identified pursuant to clause (i>— "(1) have ratified the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances and are taking steps to implement that Convention and other applicable agreements and conventions such as the recommendations of the Financial Action Task Force, the policy directive of the European Community, the legis- \ lative guidelines of the Organization of American States, and other similar declarations, and ''(II) have entered into bilateral agreements for the exchange of information on money-laundering with countries other than the United States, "(B) In addition, for each msgor money laimdering country, the report shall include findings on the countr/s adoption of law and regulations considered essential to prevent narcotics-related money laundering. Such findings shall include whether a country has— "(i) criminalized narcotics money laundering; "(ii) required banks and other financial institutions to know and record the identity of customers engaging in significant transactions, including the recording of large currency transactions at thresholds appropriate to that countr/s economic situation; "(iii) required banks and other financial institutions to maintain, for an adequate time, records necessary to reconstruct significant transactions through financial institutions in order to be able to respond quickly to information requests from appropriate government authorities in narcotics-related money laundering cases; "(iv) required or allowed financial institutions to report suspicious transactions; "(v) established systems for identifying, tracing, freezing, seizing, and forfeiting narcotics-related assets;

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