FROM THE OFFICE OF PUBLIC AFFAIRS

Today the Departments of Treasury and Justice released the Administration's National Money Laundering Strategy for 1999, calling for a broad-based international and domestic program to combat money laundering.

The Strategy calls for a coordinated attack on high-risk money laundering zones; new rules requiring that money transmitters, broker-dealers and casinos file suspicious activity reports, as banks are required to do now; new legislation to bolster our domestic and international enforcement powers, including provisions to make a broad range of foreign crimes, from arms trafficking, to public corruption, and fraud, subject to U.S. money laundering prosecutions; and intensified pressure on offshore and other lax jurisdictions to adopt strict anti-money laundering controls.

"The attack on money laundering is an essential front in the war on narcotics and the broader fight against organized crime worldwide," said Treasury Secretary Lawrence Summers. "Money laundering may look like a polite form of white collar crime, but it is the companion of brutality, deceit and corruption. This Strategy marks a new stage in the government's coordinated effort to follow the money."

The Strategy, called for by the Money Laundering and Financial Crimes Strategy Act, enacted last fall, sets forth an ambitious agenda of actions designed to advance four broad goals: strengthening domestic law enforcement; enhancing steps taken by financial institutions to prevent and detect money laundering; partnering with state and local authorities; and bolstering our efforts to have strong money laundering standards adopted - and adhered to - worldwide.

"The scheme of cleansing criminal monies through legitimate bank accounts of hard-working Americans must be stopped," said Attorney General Janet Reno. "Today's Strategy provides us with tools and recommendations to address this problem and ensure the financial integrity of our financial institutions."

This Strategy is the first in a series of five annual reports called for in last year's legislation. It will be implemented by a cross-section of agencies led by the Departments of Treasury, Justice and State. The National Money Laundering Strategy can be found on Treasury's website: http://www.treas.gov/press/releases/docs/money.pdf