Page:United States Statutes at Large Volume 106 Part 6.djvu/362

This page needs to be proofread.


106 STAT. 4920 PUBLIC LAW 102-583 —NOV. 2, 1992 ^ records in connection with narcotics investigations and proceedings; and "(iii) which countries identified pursuant to clause (ii>— " (I) are negotiating in good faith with the United States to establish such a record-exchange mechanism, or "(11) have adopted laws or regulations that ensure the availability to appropriate United States Government personnel and those of other governments of adequate records in connection with narcotics investigations and proceedings. " (B) Which countries— "(i) have ratified the United Nations Convention Against Illicit Traffic in Narcotic Drugs £Lnd Psychotropic Substances and are taking steps to implement that Convention and other applicable agreements and conventions such as the recommendations of the Financial Action Task Force, the policy directive of the European Community, the legislative guidelines of the Organization of American States, and other similar declarations; and "(ii) have entered into bilateral agreements for the exchange of information on money-laimdering with countries other than the United States. "(C) Findings on each country's adoption of law and regulations considered essential to prevent narcoticsrelated money laundering. Such findings shall include whether a country has— "(i) criminalized narcotics money laundering; "(ii) required banks and other financial institutions to know and record the identity of customers engaging in significant transactions, including the recorcUng of large currency transactions at thresholds appropriate to uiat countiys economic situation; "(iii) required banks and other financial institutions to maintain, for an adequate time, records necessary to reconstruct significant transactions through financial institutions in order to be able to respond quickly to information requests from appropriate government authorities in narcotics-related money laundering cases; "(iv) required or allowed financial institutions to report suspicious transactions; "(v) established systems for identifying, tracing, freezing, seizing, and forfeiting narcotics-related assets; "(vi) enacted laws for the sharing of seized narcotics assets with other governments; "(vii) cooperated, when requested, with appropriate law enforcement agencies of other governments investigating financial crimes related to narcotics; and "(viii) addressed the problem on international transportation of illegal-source currency and monetary instruments. The report shall also detail instances of refusals to cooperate with foreign governments, and any actions taken by the United States Government and any international organization to