RESTRICTING STATE BRANCHES AND AGENCIES OF FOREIGN RANKS CONVICTED OF MONEY LAUNDERING OFFENSES.

SEC. 1507. RESTRICTING STATE BRANCHES AND AGENCIES OF FOREIGN RANKS CONVICTED OF MONEY LAUNDERING OFFENSES.Section 7 of the International Banking Act of 1978 (12 U.S.C, 3105) is amended by inserting after subsection (h) the following new subsection: “(i) Proceedings Related to Conviction for Money Laundering Offenses.— “(1) Notice of intention to issue order.— If the Board finds or receives written notice from the Attorney General that— “(A) any foreign bank which operates a State agency, a State branch which is not an insured branch, or a State commercial lending company subsidiary; “(B) any State agency; “(C) any State branch which is not an insured branch; or “(D) any State commercial lending subsidiary^ has been found guilty of any money laundering offense, the Board shall issue a notice to the agency, branch, or subsidiary of the Board’s intention to commence a termination proceeding under subsection (e). “(2) Definitions.—For purposes of this subsection— “(A) Insured branch.—The term ‘insured branch’ has the meaning given such term in section 3(s) of the Federal Deposit Insurance Act. “(B) Money laundering offense defined.—The term ‘money laundering offense’ means any criminal offense under section 1956 or 1957 of title 18, United States Code, or under section 5322 of title 31, United States Code.”.