Statement of Administration Policy: H.R. 26 - Money Laundering Enforcement Amendments of 1991

(SENT 6/10/91)
(House)
(Annunzio (D) Illinois and 10 others)

The Administration supports House passage of H.R. 26, but will seek Senate amendments to:

• Modify section 35 to overcome Administration objections, including: (1) failure to resolve the status of section 4702 of the Anti-Drug Abuse Act of 1988; (2) failure to clarify that the term "adequate records" does not apply solely to currency transaction records; and (3) placing too much emphasis on the importance of bilateral agreements as a measure of progress on money laundering.
  
  
• Change the Bank Secrecy Act as necessary to implement recommendations of the G-7 Financial Action Task Force on Money Laundering that have been agreed to by the United States.
  
  
• Modify section 30, which provides for the civil forfeiture of fungible property, to eliminate potential serious repercussions for the banking system.