Money Laundering Suppression Act Will Make Foreign Checks, Drafts, Notes, Money Orders and Other Instruments Subject to Reporting Unless Foreign Jurisdictions Have Proper Anti-Laundering Laws

A new money laundering law, referred to as the "Money Laundering Suppression Act of 1994," has almost been enacted as part of the Community Development Banking Act by the U.S. Congress. It has several provisions with direct or indirect international implications. As of August 9, 1994, the bill had passed both houses of Congress and awaited signature by President Clinton. At least a couple of provisions have important implications for the international enforcement of banking and financial services...(more)