U.S. Enacts Anti-Money Laundering Act

Before adjourning, the U.S. Congress enacted the Money Laundering and Financial Crimes Strategy Act of 1998. The goal of the law is to establish a national strategy to combat money laundering and other financial crimes by coordinating federal, state, and local efforts and resources, and to provide for the designation of high risk money laundering areas. Such designations will be to provide these localities with increased federal assistance and access to information relating to money laundering and other financial crimes. The law also provides mechanisms to fund money laundering investigations conducted by state and local law enforcement agencies ... [more]