FOR IMMEDIATE RELEASE	AG

TUESDAY, MARCH 3, 1998                                                                                                                              (202) 616-2777

                                                                                                                                                                                 TDD (202) 514-1888




JUSTICE DEPARTMENT SUBMITS LEGISLATION TO COMBAT


INTERNATIONAL MONEY LAUNDERING


 




	WASHINGTON, D.C. -- The Justice Department today submitted
legislation to Congress to address the international laundering
of criminal proceeds, the "Money Laundering Act of 1998." 




	"This legislation recognizes that we need new tools to
target money launderers, including international drug merchants,"
said Attorney General Janet Reno.  The bill is part of an on-going Justice Department and Treasury Department effort to
address issues related to international money laundering.  




	The bill would expand the list of "specified unlawful
activities" which constitute the predicate offenses for money
laundering to include an array of foreign crimes, including
crimes of violence, terrorism, fraud and corruption.  These
changes will allow for the prosecution of those who commit such
crimes in another country and attempt to launder the proceeds
through U.S. institutions. 




	In addition, the bill would:




	* 	make it possible to restrain the assets in the United
States of a person arrested abroad, and to restrain the
domestic assets of a foreign bank that is engaged in
money laundering in violation of U.S. law.

	

	*	codify the fugitive disentitlement doctrine to bar a
fugitive from contesting the forfeiture of his property
while remaining outside the reach of federal law
enforcement.  This tool could be used with great
effectiveness against foreign criminals who launder
their money in the United States but remain safely
overseas, resisting extradition.




	*	extend the money laundering statutes to reach
transactions involving foreign banks and enhance
federal prosecutors' access to foreign bank records and
make them admissible in federal courts.  

	

	*	strengthen U.S. money laundering laws by making it
clear that a transaction involves criminal proceeds
even if such proceeds have been commingled with other
funds, and by allowing prosecutors to file money
laundering charges in the district where the underlying
criminal offense is being prosecuted.

	

	"If enacted, this bill will enable the United States to
combat the ability of criminals to launder the proceeds of their
criminal activity without regard to international borders," Reno
said. 




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98-095