31 U.S.C. § 5311
Declaration of purpose
It is the purpose of this subchapter (except section 5315) to—
“The Secretary of the Treasury, or the designee of the Secretary, as the lead United States Government official to the Financial Action Task Force (FATF), shall continue to convene the interagency United States Government FATF working group. This group, which includes representatives from all relevant Federal agencies, shall meet at least once a year to advise the Secretary on policies to be pursued by the United States regarding the development of common international AML and CFT standards, to assess the adequacy and implementation of such standards, and to recommend to the Secretary improved or new standards, as necessary.”
(1)
require certain reports or records that are highly useful in—
(A)
criminal, tax, or regulatory investigations, risk assessments, or proceedings; or
(B)
intelligence or counterintelligence activities, including analysis, to protect against terrorism;
(2)
prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism;
(3)
facilitate the tracking of money that has been sourced through criminal activity or is intended to promote criminal or terrorist activity;
(4)
assess the money laundering, terrorism finance, tax evasion, and fraud risks to financial institutions, products, or services to—
(A)
protect the financial system of the United States from criminal abuse; and
(B)
safeguard the national security of the United States; and
(5)
establish appropriate frameworks for information sharing among financial institutions, their agents and service providers, their regulatory authorities, associations of financial institutions, the Department of the Treasury, and law enforcement authorities to identify, stop, and apprehend money launderers and those who finance terrorists.
shall be fined in an amount not more than 3 times the monetary equivalent of the thing of value, or imprisoned for not more than 15 years, or both. A violation of this section shall be subject to chapter 227 of title 18, United States Code, and the provisions of the United States Sentencing Guidelines.”
(Added Pub. L. 116–283, div. F, title LXI, § 6101(a) , Jan. 1, 2021 , 134 Stat. 4549 .)