Page:United States Statutes at Large Volume 112 Part 5.djvu/186

This page needs to be proofread.


112 STAT. 2944 PUBLIC LAW 105-310—OCT. 30, 1998 "(8) any other State or local government authority, to the extent appropriate; "(9) any other Federal Government authority or instrumentality, to the extent appropriate; and "(10) representatives of the private financial services sector, to the extent appropriate.

    • § 5342. High-risk money laundering and related financial

crime areas "(a) FINDINGS AND PURPOSE. — "(1) FINDINGS.— The Congress finds the following: "(A) Money laundering and related financial crimes frequently appear to be concentrated in particular geographic areas, financial systems, industry sectors, or financial institutions. "(B) While the Secretary has the responsibility to act with regard to Federal offenses which are being committed in a particular locality or are directed at a single institution, because modern financial systems and institutions are interconnected to a degree which was not possible until recently, money laundering and other related finan.- cial crimes are likely to have local, State, national, and international effects wherever they are committed. "(2) PURPOSE AND OBJECTIVE.—It is the purpose of this section to provide a mechanism for designating any area where money laundering or a related financial crime appears to be occurring at a higher than average rate such that— "(A) a comprehensive approach to the problem of such crime in such area can be developed, in cooperation with State and local law enforcement agencies, which utilizes the authority of the Secretary to prevent such activity; or "(B) such area can be targeted for law enforcement action. "(b) ELEMENT OF NATIONAL STRATEGY.— The designation of certain areas as areas in which money laundering and related financial crimes are extensive or ju'esent a substantial risk shall be an element of the national strategy developed pursuant to section 5341(b). "(c) DESIGNATION OF AREAS. — "(1) DESIGNATION BY SECRETARY. —The Secretary, after taking into consideration the factors specified in subsection (d), shall designate any geographical area, industry, sector, or institution in the United States in which money laundering and related financial crimes are extensive or present a substantial risk as a 'high-risk money laundering and related financial crimes area'. " (2) CASE-BY -CASE DETERMINATION IN CONSULTATION WITH THE ATTORNEY GENERAL. —In addition to the factors specified in subsection (d), any designation of any area under paragraph (1) shall be made on the basis of a determination by the Secretary, in consultation with the Attorney General, that the particular area, industry, sector, or institution is being victimized by, or is particularly vulnerable to, money laundering and related financial crimes. "(3) SPECIFIC INITIATIVES. —Any head of a department, bureau, or law enforcement agency, including any State or