PlainBillCongress, translated.Legislation. Context. Public interest.Became Public Law No: 105-310.
Congressional Research Service
Version 35 · Passed Senate amended · Oct 15, 1998
Money Laundering and Financial Crimes Strategy Act of 1998 - Amends Federal law governing monetary transactions to redefine money laundering and related financial crimes as either: (1) the movement of illicit cash or cash equivalent proceeds into, out of, or through the United States or through certain U.S. financial institutions; or (2) the meaning given under State and local criminal statutes pertaining to the movement of illicit cash or cash equivalent proceeds. (Sec. 2) Directs the President (acting through the Secretary of the Treasury and in consultation with the Attorney General) to develop and submit to the Congress a national strategy, with five annual updates, for combating money laundering and related financial crimes. Requires such strategy to include: (1) research-based goals, objectives, and priorities; (2) prevention measures coordinated with other agencies; (3) detection and prosecution initiatives (including seizure and forfeiture of proceeds and instrumentalities derived from such crimes); (4) an enhanced partnership between the private financial sector and law enforcement agencies to target crime detection and prevention; (5) enhanced intergovernmental cooperation between Federal, State, and local officials; and (6) a description of geographical areas designated as high-risk money laundering and related financial crime areas. Instructs the Secretary to submit to the Congress contemporaneously with such strategy an evaluation of the effectiveness of policies to combat money laundering and related financial crimes. Requires: (1) an element of the national strategy to be the designation of certain geographic areas, industries, sectors, or institutions as areas in which money laundering and related financial crimes are extensive or present a substantial risk; and (2) the Secretary to take specified factors into consideration when identifying such areas. Authorizes certain Federal, State, and local officials and prosecutors to submit a written request for: (1) the designation of a high-risk money laundering and related financial crimes area; or (2) funding for a specific prevention or enforcement initiative, or to determine the extent of financial criminal activity in an area. Directs the Secretary to: (1) establish a grant program to support local law enforcement efforts in a money laundering detection, prevention, and suppression program; and (2) report to specified congressional committees on the effectiveness and need for the designation of high-risk money laundering and related financial crime areas. Sets forth grant eligibility criteria. Authorizes the Secretary, one year after the national strategy is submitted to the Congress, to review, select, and award grants for State or local law enforcement agencies and prosecutors to provide funding necessary to investigate and prosecute money laundering and related financial crimes in high-risk ares. Authorizes appropriations for FY 1999 through 2003.
People & committees
Rep. Velazquez, Nydia M. [D-NY-12] · D–NY
Legislative record
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Became Public Law No: 105-310.
Became Public Law No: 105-310.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Motion to reconsider laid on the table Agreed to without objection.
On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (consideration: CR H11029-11031)
Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.(consideration: CR H11029-11031)
DEBATE - The House proceeded with forty minutes of debate.
Mr. Bachus moved that the House suspend the rules and agree to the Senate amendment.
Passed Senate with an amendment by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Amendment SP 3828 agreed to in Senate by Unanimous Consent.
Amendment SP 3828 proposed by Senator Craig for Senator Grassley.
Measure laid before Senate by unanimous consent. (consideration: CR S12625-12627)
Received in the Senate, read twice.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
DEBATE - The House proceeded with forty minutes of debate.
Considered under suspension of the rules. (consideration: CR H9480-9484)
Mr. Leach moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 373.
Committee on Judiciary discharged.
Committee on Judiciary discharged.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-608, Part I.
House Committee on Judiciary Granted an extension for further consideration ending not later than July 31, 1998.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-608, Part I.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the Subcommittee on Crime.
Sponsor introductory remarks on measure. (CR H3280)
Referred to House Judiciary
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Banking and Financial Services
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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