INTERNATIONAL CURRENCY TRANSACTION REPORTING.

SEC. 4701. INTERNATIONAL CURRENCY TRANSACTION REPORTING. (a) Findings.—The Congress finds that— (1) the success of cash transaction and money laundering control statutes in the United States has been significant; and 102 STAT. 4291 (2) the United States should play a leadership role in the development of an international system of a similar kind. (b) Purpose.—It is the purpose of this section to urge the United States Government, to the maximum extent practicable, to seek the active cooperation of other countries in the enforcement of these statutes, since only a truly multilateral approach can be effective in eliminating bank haven loopholes through which money launderers can escape. (c) Establishment of International Agency.—The Congress urges the Secretary of the Treasury to negotiate with finance ministers of foreign countries to establish an international currency control agency to— (1) serve as a central source of information and database for international drug enforcement agencies; (2) collect and analyze currency transaction reports filed by member countries; and (3) encourage the adoption, by member countries, of uniform cash transaction and money laundering statutes. (d) Maintenance of Domestic Effort.—While establishing a multilateral agency will be the most effective method of combating money laundering, the United States must itself continue to do everything it can to curb international money laundering.