S.Amdt. 4362

SA 4362. Mr. LEVIN (for himself, Mr. Kaufman, Mr. Nelson of Florida,
Mrs. Shaheen, Mrs. McCaskill, Mr. Whitehouse, and Mr. Reed) submitted
an amendment intended to be proposed to amendment SA 4301 proposed by
Mr. Baucus to the bill H.R. 4213 to amend the Internal Revenue Code of
1986 to extend certain expiring provisions, and for other purposes,
which was ordered to lie on the table; as follows:

At the end of the amendment, insert the following:

TITLE __--AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS, FINANCIAL
INSTITUTIONS, INTERNATIONAL TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE
OF PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE UNITED STATES TAX
ENFORCEMENT

SEC. ___. AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS,
FINANCIAL INSTITUTIONS, INTERNATIONAL
TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE OF
PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE
UNITED STATES TAX ENFORCEMENT.

Section 5318A of title 31, United States Code, is amended--
(1) by striking the section heading and inserting the
following:

``Sec. 5318A. Special measures for jurisdictions, financial
institutions, or international transactions that are of
primary money laundering concern or impede United States
tax enforcement'';

(2) in subsection (a), by striking the subsection heading
and inserting the following:
``(a) Special Measures To Counter Money Laundering and
Efforts To Impede United States Tax Enforcement.--'';
(3) in subsection (c), by striking the subsection heading
and inserting the following:
``(c) Consultations and Information To Be Considered in
Finding Jurisdictions, Institutions, Types of Accounts, or
Transactions To Be of Primary Money Laundering Concern or To
Be Impeding United States Tax Enforcement.--'';
(4) in subsection (a)(1), by inserting ``or is impeding
United States tax enforcement'' after ``primary money
laundering concern'';
(5) in subsection (a)(4)--
(A) in subparagraph (A)--
(i) by inserting ``in matters involving money laundering,''
before ``shall consult''; and
(ii) by striking ``and'' at the end;
(B) by redesignating subparagraph (B) as subparagraph (C);
and
(C) by inserting after subparagraph (A) the following:
``(B) in matters involving United States tax enforcement,
shall consult with the Commissioner of the Internal Revenue,
the Secretary of State, the Attorney General of the United
States, and in the sole discretion of the Secretary, such
other agencies and interested parties as the Secretary may
find to be appropriate; and'';
(6) in each of paragraphs (1)(A), (2), (3), and (4) of
subsection (b), by inserting ``or to be impeding United
States tax enforcement'' after ``primary money laundering
concern'' each place that term appears;
(7) in subsection (b), by striking paragraph (5) and
inserting the following:
``(5) Prohibitions or conditions on opening or maintaining
certain correspondent or payable-through accounts or
authorizing certain payment cards.--If the Secretary finds a
jurisdiction outside of the United States, 1 or more
financial institutions operating outside of the United
States, or 1 or more classes of transactions within or
involving a jurisdiction outside of the United States to be
of primary money laundering concern or to be impeding United
States tax enforcement, the Secretary, in consultation with
the Secretary of State, the Attorney General of the United
States, and the Chairman of the Board of Governors of the
Federal Reserve System, may prohibit, or impose conditions
upon--
``(A) the opening or maintaining in the United States of a
correspondent account or payable-through account; or
``(B) the authorization, approval, or use in the United
States of a credit card, charge

[[Page S4948]]

card, debit card, or similar credit or debit financial
instrument by any domestic financial institution, financial
agency, or credit card company or association, for or on
behalf of a foreign banking institution, if such
correspondent account, payable-through account, credit card,
charge card, debit card, or similar credit or debit financial
instrument, involves any such jurisdiction or institution, or
if any such transaction may be conducted through such
correspondent account, payable-through account, credit card,
charge card, debit card, or similar credit or debit financial
instrument.''; and
(8) in subsection (c)(1), by inserting ``or is impeding
United States tax enforcement'' after ``primary money
laundering concern'';
(9) in subsection (c)(2)(A)--
(A) in clause (ii), by striking ``bank secrecy or special
regulatory advantages'' and inserting ``bank, tax, corporate,
trust, or financial secrecy or regulatory advantages'';
(B) in clause (iii), by striking ``supervisory and counter-
money'' and inserting ``supervisory, international tax
enforcement, and counter-money'';
(C) in clause (v), by striking ``banking or secrecy'' and
inserting ``banking, tax, or secrecy''; and
(D) in clause (vi), by inserting ``, tax treaty, or tax
information exchange agreement'' after ``treaty'';
(10) in subsection (c)(2)(B)--
(A) in clause (i), by inserting ``or tax evasion'' after
``money laundering''; and
(B) in clause (iii), by inserting ``, tax evasion,'' after
``money laundering''; and
(11) in subsection (d), by inserting ``involving money
laundering, and shall notify, in writing, the Committee on
Finance of the Senate and the Committee on Ways and Means of
the House of Representatives of any such action involving
United States tax enforcement'' after ``such action''.
______