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31 U.S.C. § 5342 — National money laundering and related financial crimes strategy
Federal law — U.S. Code and appendices · legal_authorities
**(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 August 1 of 1999, 2000, 2001, 2002, 2003, 2005, and 2007, 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—
(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 E
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Stable record: federal_law:legal_authorities:record_usc_c93e4a81265f7a0933aa1c84
Source file: Laws/federal/codes/united-states-code/title-31/section-5342-national-money-laundering-and-related-financial-crimes-strategy--9317164c3b.md
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Source location: Title 31, Chapter 53, § 5342; chapter-053-monetary-transactions.md
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**(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 August 1 of 1999, 2000, 2001, 2002, 2003, 2005, and 2007, 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—
(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.
(5) **Enhancement of intergovernmental cooperation.—** — The enhancement of—
(A) cooperative efforts between the Federal Government and State and local officials, including State and local prosecutors and other law enforcement officials; and
(B) cooperative efforts among the several States and between State and local officials, including State and local prosecutors and other law enforcement officials,
for financial crimes control which could be utilized or should be encouraged.
(6) **Project and budget priorities.—** — A 3-year projection for program and budget priorities and achievable projects for reductions in financial crimes.
(7) **Assessment of funding.—** — A complete assessment of how the proposed budget is intended to implement the strategy and whether the funding levels contained in the proposed budget are sufficient to implement the strategy.
(8) **Designated areas.—** — A description of geographical areas designated as “high-risk money laundering and related financial crime areas” in accordance with, but not limited to, section 5342.
(9) **Persons consulted.—** — Persons or officers consulted by the Secretary pursuant to subsection (d).
(10) **Data regarding trends in money laundering and related financial crimes.—** — The need for additional information necessary for the purpose of developing and analyzing data in order to ascertain financial crime trends.
(11) **Improved communications systems.—** — A plan for enhancing the compatibility of automated information and facilitating access of the Federal Government and State and local governments to timely, accurate, and complete information.
(12) **Data regarding funding of terrorism.—** — Data concerning money laundering efforts related to the funding of acts of international terrorism, and efforts directed at the prevention, detection, and prosecution of such funding.
**(c) Effectiveness Report.—** At the time each national strategy for combating financial crimes is transmitted by the President to the Congress (other than the first transmission of any such strategy) pursuant to subsection (a), the Secretary shall submit a report containing an evaluation of the effectiveness of policies to combat money laundering and related financial crimes.
**(d) Consultations.—** In addition to the consultations required under this section with the Attorney General, in developing the national strategy for combating money laundering and related financial crimes, the Secretary shall consult with—
(1) the Board of Governors of the Federal Reserve System and other Federal banking agencies and the National Credit Union Administration Board;
(2) State and local officials, including State and local prosecutors;
(3) the Securities and Exchange Commission;
(4) the Commodities and Futures Trading Commission;
(5) the Director of the Office of National Drug Control Policy, with respect to money laundering and related financial crimes involving the proceeds of drug trafficking;
(6) the Chief of the United States Postal Inspection Service;
(7) to the extent appropriate, State and local officials responsible for financial institution and financial market regulation;
(8) any other State or local government authority, to the extent appropriate;
(9) any other Federal Government authority or instrumentality, to the extent appropriate; and
(10) representatives of the private financial services sector, to the extent appropriate.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The President may direct the Secretary of the Treasury to make an agreement with the Federal reserve banks and the Board of Governors of the Federal Reserve System when the President decides that the foreign commerce of the United States is affected adversely because—
(1) the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating;
(2) action is necessary to regulate and maintain the parity of United States coins and currency;
(3) an economic emergency requires an expansion of credit; or
(4) an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country.
**(b)** Under an agreement under subsection (a) of this section, the Board shall permit the banks (and the Board is authorized to permit the banks notwithstanding another law) to agree that the banks will—
(1) conduct through each entire specified period open market operations in obligations of the United States Government or corporations in which the Government is the majority stockholder; and
(2) buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period.
**(c)** With the approval of the Secretary, the Board may require Federal reserve banks to take action the Secretary and Board consider necessary to prevent unreasonable credit expansion.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings and Purpose.—**
(1) **Findings.—** — The Congress finds the following:
(A) Money laundering and related financial crimes frequently appear to be concentrated in particular geographic areas, financial systems, industry sectors, or financial institutions.
(B) While the Secretary has the responsibility to act with regard to Federal offenses which are being committed in a particular locality or are directed at a single institution, because modern financial systems and institutions are interconnected to a degree which was not possible until recently, money laundering and other related financial crimes are likely to have local, State, national, and international effects wherever they are committed.
(2) **Purpose and objective.—** — It is the purpose of this section to provide a mechanism for designating any area where money laundering or a related financial crime appears to be occurring at a higher than average rate such that—
(A) a comprehensive approach to the problem of such crime in such area can be developed, in cooperation with State and local law enforcement agencies, which utilizes the authority of the Secretary to prevent such activity; or
(B) such area can be targeted for law enforcement action.
**(b) Element of National Strategy.—** The designation of certain areas as areas in which money laundering and related financial crimes are extensive or present a substantial risk shall be an element of the national strategy developed pursuant to section 5341(b).
**(c) Designation of Areas.—**
(1) **Designation by secretary.—** — The Secretary, after taking into consideration the factors specified in subsection (d), shall designate any geographical area, industry, sector, or institution in the United States in which money laundering and relate
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5351
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Federal law — U.S. Code and appendices · legal_authorities
Page 499
TITLE 31—MONEY AND FINANCE
§ 5342
(12)
DATA
REGARDING
FUNDING
OF
TER-
RORISM.—Data concerning money laundering
efforts related to the funding of acts of inter-
national terrorism, and efforts directed at the
prevention, detection, and prosecution of such
funding.
(c) EFFECTIVENESS REPORT.—At the time each
national
strategy
for
combating
financial
crimes is transmitted by the President to the
Congress (other than the first transmission of
any such strategy) pursuant to subsection (a),
the Secretary shall submit a report containing
an evaluation of the effectiveness of policies to
combat money laundering and related financial
crimes.
(d) CONSULTATIONS.—In addition to the con-
sultations required under this section with the
Attorney General, in developing the national
strategy for combating money laundering and
related financial crimes, the Secretary shall
consult with—
(1) the Board of Governors of the Federal Re-
serve System and other Federal banking agen-
cies and the National Credit Union Adminis-
tration Board;
(2) State and local officials, including State
and local prosecutors;
(3) the Securities and Exchange Commission;
(4) the Commodities and Futures Trading
Commission;
(5) the Director of the Office of National
Drug Control Policy, with respect to money
laundering and related financial crimes in-
volving the proceeds of drug trafficking;
(6) the Chief of the United States Postal In-
spection Service;
(7) to the extent appropriate, State and local
officials responsible for financial institution
and financial market regulation;
(8) any other State or local government au-
thority, to the extent appropriate;
(9) any other Federal Government authority
or instrumentality, to the extent appropriate;
and
(10) representative
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 5342
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.