HomeMy WebLinkAboutAgenda Statement 1985/08/27 Item 9 COUNCIL AGENDA STATEMENT
Item 9
Meeting Date 8/27/85
ITEM TITLE: Resolution/„2/4t7- Expressing Support of AB 2570 and AB 2182
(Clute) relating to Laws against Money Laundering to Curtail
the Distribution of Drugs in California
SOBMI'1PED BY: City Attorney T1! (4/5ths Vote: Yes No )
This resolution would express the City Council's support for AB 2570 and AB
2182 which are principally designed
ill to curtail dru , money laundering operations
associated with the distribution
RECOMMENDATION: Adopt the resolution.
BOARDS/COMMISSIONS RECOMMENDATION: N/A
DISCUSSION: in
to a
At its August 6, 1985 meeting, the ri Council
(Moore
68th )Di trict,o regarding
written communication from Assemblyman
2570 and AB 2182, requested that the City Attorney bring back a resolution
to support them.
AB financial 2570 and AB 2182 require
serieslof transactions involving the same customer
financial transaction
within 24 hours in
customer within days excess
n 0,000 every of $25,000 transactions
involving the
nvolving g the same
of Justice. These and regulatory and proceedings.ree The
usefulness in criminal tax g ulatory investigations iga
information with
Department of Justice would the state and with tax or agencies
criminal justice agencies within
of the state on request of the head of the agency.
It h is believed that this inhothat is as particularly useful in combating Itransactions in olving
the kind of money laundering
illegal drugs.
FISCAL IMPACT: N/A
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by the City Co tC ! of
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