Money Laundering Prevention Act
Latest action. Referred to the subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Financial Institutions and Consumer Credit.
Money Laundering Prevention Act - Authorizes the Secretary of the Treasury to require domestic financial institutions to take special measures, such as requiring reporting of certain transactions, if the Secretary finds that a jurisdiction outside the United States, financial institutions operating abroad, or certain classes of transactions are of primary money laundering concern. Immunizes from liability financial institutions and their staff making disclosures of possible legal violations to a government agency. Sets penalties for violation of geographic targeting orders and record-keeping requirements. Amends: (1) the Federal Deposit Insurance Act to authorize an insured depository institution to disclose certain information concerning involvement of an institution-affiliated party in potentially unlawful activity; and (2) the Annunzio-Wylie Anti-Money Laundering Act to make certain provisions of the Bank Secrecy Act applicable. Prohibits the knowing concealment and attempted transport across U.S. borders, with intent to evade reporting requirements, of currency and monetary instruments in excess of $10,000. Prohibits U.S. correspondent accounts with foreign banks that do not have a physical presence in any country. Extends U.S. district court jurisdiction over certain foreign money launderers. Includes wildlife protection offenses within "specified unlawful activity" under racketeering provisions. Sets penalties for false statements concerning the identity of customers of financial institutions. Provides for forfeiture of funds deposited in foreign banks that have U.S. interbank accounts. Expresses the sense of Congress that: (1) in international deliberations, the U.S. Government should emphasize an approach that addresses governmental corruption; and (2) the United States should continue to support the objectives of the Financial Action Task Force on Money Laundering to combat international money laundering.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 2, 2001. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on November 2, 2001: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 107th Congress (2001-02), 377 of the 9,126 bills and joint resolutions introduced became law, about 4.1 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MARGE ROUKEMA (R-NJ) introduced it on October 2, 2001. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 2, 2001, 9156 days ago. The most recent recorded action was 9125 days ago, on November 2, 2001.
Measures do not carry over. Anything the 107th Congress has not finished by January 3, 2003 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers