Page:United States Statutes at Large Volume 112 Part 5.djvu/184

 112 STAT. 2942 PUBLIC LAW 105-310—OCT. 30, 1998 "P ART 1—^NATIONAL MONEY LAUNDERING AND RELATED FINANCIAL CRIMES STRATEGY '^§5341. National money laundering and related financial crimes strategy President. " (a) DEVELOPMENT AND TRANSMITTAL TO CONGRESS. — "(1) DEVELOPMENT. — The President, acting through the Secretary and in consultation with the Attorney General, shall develop a national strategy for combating money laundering and related financial crimes. " (2) TRANSMITTAL TO CONGRESS.— By February 1 of 1999, 2000, 2001, 2002, and 2003, the President shall submit a national strategy developed in accordance with paragraph (1) to the Congress. "(3) SEPARATE PRESENTATION OF CLASSIFIED MATERIAL. — Any part of the strategy that involves information which is properly classified under criteria established by Executive Order shall be submitted to the Congress separately in classified form. " (b) DEVELOPMENT OF STRATEGY. —The national strategy for combating money laundering and related financial crimes shall address any area the President, acting through the Secretary and in consultation with the Attorney General, considers appropriate, including the following: "(1) GOALS, OBJECTIVES, AND PRIORITIES.— Comprehensive, research-based goals, objectives, and priorities for reducing money laundering and related financial crime in the United States. "(2) PREVENTION. —Coordination of regulatory and other efforts to prevent the exploitation of financial systems in the United States for money laundering and related financial crimes, including a requirement that the Secretary shall— Regulations. "(A) regularly review enforcement efforts under this subchapter and other provisions of law and, when appropriate, modify existing regulations or prescribe new regulations for purposes of preventing such criminal activity; and "(B) coordinate prevention efforts and other enforcement action with the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Federal Trade Commission, other Federal banking agencies, the National Credit Union Administration Board, and such other Federal agencies as the Secretary, in consultation with the Attorney General, determines to be appropriate. "(3) DETECTION AND PROSECUTION INITIATIVES. — A description of operational initiatives to improve detection and prosecution of money laundering and related financial crimes and the seizure and forfeiture of proceeds and instrumentalities derived from such crimes. "(4) ENHANCEMENT OF THE ROLE OF THE PRIVATE FINANCIAL SECTOR IN PREVENTION.— The enhancement of partnerships between the private financial sector and law enforcement agencies with regard to the prevention and detection of money laundering and related financial crimes, including providing incentives to strengthen internal controls and to adopt on an industrywide basis more effective policies.

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