James A. Leach: “H.R. 1756, the Money Laundering and Financial Crimes Strategy Act of 1998, directs the Secretary of the Treasury to…”

“H.R. 1756, the Money Laundering and Financial Crimes Strategy Act of 1998, directs the Secretary of the Treasury to create a national strategy for combatting money laundering and other financial crimes by coordinating Federal, State and local efforts and resources. The legislation provides for the designation of high-risk money laundering areas for the purpose of providing these localities with increased Federal assistance and access to information related to money laundering and other financial crimes. The bill also provides a mechanism to fund money laundering investigations conducted by State and local law enforcement agencies. Efforts by law enforcement officials to combat money laundering, the process by which criminal elements seek to legitimize the proceeds of their illegal activities, have taken on particular urgency as operations of large-scale criminal organizations in the United States and abroad have grown increasingly sophisticated. Money laundering and related financial crimes are often inextricably tied to the illegal drug trade that has ravaged so many communities in rural as well as urban sectors of America.”