Money Laundering HR 3886 The House Banking Committee was expected to approve legislation today to crack down on money laundering.Introduced March 9 by House Banking Committee Chairman Jim Leach and ranking Democrat John J. LaFalce, the International Counter-Money-Laundering Act of 2000 would give the Treasury secretary authority to identify countries or overseas financial institutions with weak anti-money-laundering policies or to target suspect types of international transactions.

Such formal designation would trigger different requirements depending on the situation, ranging from special reporting mandates for U.S. financial institutions doing business with suspect foreign banks to barring institutions from opening or maintaining correspondent accounts for these entities.

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