< Back to H.R. 1847 (103rd Congress, 1993–1994)

Text of the Money Laundering Act of 1993

This bill was introduced on April 22, 1993, in a previous session of Congress, but was not enacted. The text of the bill below is as of Apr 22, 1993 (Introduced).

Source: GPO

HR 1847 IH

103d CONGRESS

1st Session

H. R. 1847

To amend title 18, United States Code, to provide the penalty of life in prison for bankers laundering drug money.

IN THE HOUSE OF REPRESENTATIVES

April 22, 1993

Mr. WASHINGTON introduced the following bill; which was referred to the Committee on the Judiciary


A BILL

To amend title 18, United States Code, to provide the penalty of life in prison for bankers laundering drug money.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Money Laundering Act of 1993’.

SEC. 2. TITLE 18 AMENDMENT.

    (a) IN GENERAL- Title 18, United States Code, is amended by inserting after section 1956 the following:

‘Sec. 1956A. Laundering of drug money by depository institutions

    ‘(a) Whoever, being an officer or employee of a depository institution, knowing that--

      ‘(1) the property involved in a financial transaction represents the proceeds of a criminal violation of the Controlled Substances Act or the Controlled Substances Import and Export Act; and

      ‘(2) the transaction is designed in whole or in part to conceal or disguise the nature, the location, the source, the ownership, or the control of such proceeds;

    conducts or attempts to conduct that transaction which in fact involves such proceeds, shall be fined under this title and imprisoned for life.

    ‘(b) As used in this section, the term ‘depository institution’ has the meaning given that term in section 3(c) of the Federal Deposit Insurance Act.’.

    (b) CLERICAL AMENDMENT- The table of sections at the beginning of chapter 95 of title 18, United States Code, is amended by inserting after the item relating to section 1956 the following new item:

      ‘1956A. Laundering of drug money by depository institutions.’.