Page:United States Statutes at Large Volume 118.djvu/3889

 118 STAT. 3859 PUBLIC LAW 108–458—DEC. 17, 2004 the state of implementation of and compliance with key finan- cial codes and regulatory standards, among them the AML and CFT standards. (5) To date, 70 FSAPs have been conducted, with over 24 of those incorporating AML and CFT assessments. The international financial institutions (IFIs), the FATF, and the FATF-style regional bodies together are expected to assess AML and CFT regimes in up to 40 countries or jurisdictions per year. This will help countries and jurisdictions identify defi- ciencies in their AML and CFT regimes and help focus technical assistance efforts. (6) Technical assistance programs from the United States and other nations, coordinated with the Department of State and other departments and agencies, are playing an important role in helping countries and jurisdictions address shortcomings in their AML and CFT regimes and bringing their regimes into conformity with international standards. Training is coordi- nated within the United States Government, which leverages multilateral organizations and bodies and international finan- cial institutions to internationalize the conveyance of technical assistance. (7) In fulfilling its duties in advancing incorporation of AML and CFT standards into the IFIs as part of the IFIs’ work on protecting the integrity of the international monetary system, the Department of the Treasury, under the guidance of the Secretary of the Treasury, has effectively brought together all of the key United States Government agencies. In particular, United States Government agencies continue to work together to foster broad support for this important under- taking in various multilateral fora, and United States Govern- ment agencies recognize the need for close coordination and communication within our own Government. (b) SENSE OF CONGRESS REGARDING SUCCESS IN MULTILATERAL ORGANIZATIONS.—It is the sense of Congress that the Secretary of the Treasury should continue to promote the dissemination of international AML and CFT standards, and to press for full implementation of the FATF 40 + 8 Recommendations by all coun- tries in order to curb financial risks and hinder terrorist financing around the globe. The efforts of the Secretary in this regard should include, where necessary or appropriate, multilateral action against countries whose counter-money laundering regimes and efforts against the financing of terrorism fall below recognized inter- national standards. SEC. 7702. DEFINITIONS. In this subtitle— (1) the term ‘‘international financial institutions’’ has the same meaning as in section 1701(c)(2) of the International Financial Institutions Act; (2) the term ‘‘Financial Action Task Force’’ means the inter- national policy-making and standard-setting body dedicated to combating money laundering and terrorist financing that was created by the Group of Seven in 1989; and (3) the terms ‘‘Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System’’ and ‘‘Interagency Paper’’ mean the interagency paper prepared by the Board of Governors of the Federal Reserve System, the 31 USC 5311 note. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00393 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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