PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8945-8948)
Congressional Research Service
Version 00 · Introduced in Senate · Aug 3, 2001
Money Laundering Abatement Act - Amends the Racketeer Influenced and Corrupt Organizations Act to include as money laundering crimes fraud, bribery of a public official, and certain smuggling or export control violations. Includes within the term: (1) "specified unlawful activity" certain crimes of violence; and (2) "financial institution" any foreign bank.Prohibits a depository institution, credit union, and a branch or agency of a foreign bank from establishing or maintaining in the United States: (1) an account for a foreign person without maintaining in the United States a record identifying, by a verifiable name and account number, each individual or entity having a direct or beneficial ownership interest; and (2) a correspondent account for, or on behalf of, a foreign bank that does not have a physical presence in any country, with an exception. Requires each such institution to establish enhanced due diligence policies, procedures, and controls to prevent, detect, and report possible instances of money laundering.Grants district courts jurisdiction over any foreign person that commits a financial transaction offense in the United States, including for court issuance of a pretrial restraining order. Prohibits false statements concerning the identity of customers of financial institutions.Requires a financial institution to comply within 48 hours with a Federal banking agency request for anti-money laundering information.Amends the Controlled Substances Act to authorize a court to order a defendant to repatriate property that may be seized and forfeited and to deposit that property pending trial in an interest-bearing account.
People & committees
Sen. Levin, Carl [D-MI] · D–MI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8945-8948)
Sponsor introductory remarks on measure. (CR S8942-8945, S8948-8949)
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.1371 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine S.1371 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine S.1371 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine S.1371 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.