Page:United States Statutes at Large Volume 118.djvu/3890

 118 STAT. 3860 PUBLIC LAW 108–458—DEC. 17, 2004 Comptroller of the Currency, and the Securities and Exchange Commission that was announced in the Federal Register on April 8, 2003. SEC. 7703. EXPANDED REPORTING AND TESTIMONY REQUIREMENTS FOR THE SECRETARY OF THE TREASURY. (a) REPORTING REQUIREMENTS.—Section 1503(a) of the Inter- national Financial Institutions Act (22 U.S.C. 262o–2(a)) is amended by adding at the end the following: ‘‘(15) Work with the International Monetary Fund to— ‘‘(A) foster strong global anti-money laundering (AML) and combat the financing of terrorism (CFT) regimes; ‘‘(B) ensure that country performance under the Finan- cial Action Task Force anti-money laundering and counterterrorist financing standards is effectively and com- prehensively monitored; ‘‘(C) ensure note is taken of AML and CFT issues in Article IV reports, International Monetary Fund pro- grams, and other regular reviews of country progress; ‘‘(D) ensure that effective AML and CFT regimes are considered to be indispensable elements of sound financial systems; and ‘‘(E) emphasize the importance of sound AML and CFT regimes to global growth and development.’’. (b) TESTIMONY.—Section 1705(b) of the International Financial Institutions Act (22 U.S.C. 262r–4(b)) is amended— (1) in paragraph (2), by striking ‘‘and’’ at the end; (2) in paragraph (3), by striking the period at the end and inserting ‘‘; and’’; and (3) by adding at the end the following: ‘‘(4) the status of implementation of international anti- money laundering and counterterrorist financing standards by the International Monetary Fund, the multilateral development banks, and other multilateral financial policymaking bodies.’’. SEC. 7704. COORDINATION OF UNITED STATES GOVERNMENT EFFORTS. The Secretary of the Treasury, or the designee of the Secretary, as the lead United States Government official to the Financial Action Task Force (FATF), shall continue to convene the interagency United States Government FATF working group. This group, which includes representatives from all relevant Federal agencies, shall meet at least once a year to advise the Secretary on policies to be pursued by the United States regarding the development of common international AML and CFT standards, to assess the ade- quacy and implementation of such standards, and to recommend to the Secretary improved or new standards, as necessary. Subtitle H—Emergency Financial Preparedness SEC. 7801. DELEGATION AUTHORITY OF THE SECRETARY OF THE TREASURY. Section 306(d) of title 31, United States Code, is amended by inserting ‘‘or employee’’ after ‘‘another officer’’. 31 USC 5311 note. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00394 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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