§5341 National money laundering and related financial crimes strategy

Summary

The President must work with the Secretary and consult the Attorney General to create a national plan to fight money laundering and related financial crimes. By August 1 of 1999, 2000, 2001, 2002, 2003, 2005, and 2007, the President must send that plan to Congress. Any parts that are properly classified must be sent separately in classified form. The plan must set research-based goals and priorities. It must explain how regulators and agencies will work together and how the Secretary will regularly review enforcement, change rules when needed, and coordinate 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 other federal agencies as appropriate. The plan must describe actions to improve detection, prosecution, seizure, and forfeiture; ways to strengthen public–private partnerships and industry controls; cooperation with state and local officials and among the States; a 3-year program and budget projection; a full budget assessment showing whether funding is enough; a list of high-risk geographic areas (per section 5342); who was consulted by the Secretary; needs for better data; a plan to make automated information systems more compatible and accessible; and data on money laundering tied to funding international terrorism and efforts to stop that. Whenever the President sends a strategy to Congress after the first time, the Secretary must also send a report that evaluates how well anti–money‑laundering policies are working. In making the plan, the Secretary must consult with many officials and groups, including the Board of Governors of the Federal Reserve System and other federal banking agencies, the National Credit Union Administration Board, state and local officials (including prosecutors), the Securities and Exchange Commission, the Commodities and Futures Trading Commission, the Director of the Office of National Drug Control Policy (on drug‑related proceeds), the Chief of the U.S. Postal Inspection Service, other appropriate state, local, and federal authorities, and representatives of the private financial services sector.