WASHINGTON — Senator Carl Levin, D-Mich., said Monday that he will introduce anti-money-laundering legislation next month that would restrict banks’ ability to open correspondent accounts for certain types of foreign institutions and give U.S. law enforcement agencies the authority to seize assets held in such accounts.

Sen. Levin, the ranking Democrat on the Senate Governmental Affairs Committee’s permanent subcommittee on investigations, said that the legislation would incorporate many of the recommendations contained in a 305-page report released Monday by the subcommittee’s minority staff.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.