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Can you summarize 31 USC Chapter 53, Subchapter III?
MONETARY TRANSACTIONS > MONEY LAUNDERING AND RELATED FINANCIAL CRIMES
Short Summary
This legal document, 5342 of the United States Code, addresses the issue of high-risk money laundering and related financial crime areas. It allows for the designation of areas where money laundering or related financial crimes occur at a higher than average rate. The Secretary, in consultation with the Attorney General, is responsible for designating these high-risk areas based on various factors. The purpose is to develop comprehensive approaches to address the problem in cooperation with state and local law enforcement agencies. Additionally, 5352 of the United States Code authorizes the Financial Crime-Free Communities Support Program, which provides grants to eligible State or local law enforcement agencies and prosecutors for investigating and prosecuting money laundering and related financial crimes in high-risk areas. The program has specific criteria for eligibility, grant amounts, and grant management. The Secretary of the Treasury, in consultation with the Attorney General, oversees the program and its initiatives. The document aims to streamline reporting requirements for grant recipients and expedite the renewal grant application process. Overall, these legal documents aim to target areas with a significant risk of money laundering and related financial crimes for law enforcement action and prevention efforts.
Whom does it apply to?
Department of the Treasury law enforcement organizations, United States financial institutions, and State and local criminal statutes
What does it govern?
Money laundering and related financial crimes
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
U.S. Federal Government