Apprehension of Tainted Money Act of 1997

Apprehension of Tainted Money Act of 1997 - Amends the Federal Election Campaign Act of 1971 (FECA) to require a political committee intending to return any contribution given to the committee in an amount of $500 or more to the person making the contribution (other than a contribution returned within 60 days of receipt by the committee), to transfer the contribution to the Federal Election Commission (Commission), with a request that the Commission return the contribution to the person making the contribution. Directs the Commission to consider the return of any contribution, and any circumstances surrounding such return, in determining whether it has reason to believe that a person has committed a violation of FECA, Federal criminal law, or the Internal Revenue Code.

Establishes a single interest-bearing escrow account for contributions transferred. Requires the Commission, upon receiving amounts from a political committee to: (1) deposit the amounts in the account established; and (2) notify the Attorney General of the receipt of the amounts from the political committee.

Permits the Commission or the Attorney General to require any contribution deposited in the escrow account to be used as follows: (1) to be applied toward the payment of any fine or penalty imposed against the person making the contribution involved; and (2) if such fine or penalty is imposed, to be applied toward the costs incurred by the Commission or the Attorney General in conducting any investigation of the contribution involved. Provides for the return of a contribution after deposit in the escrow account to the person making the contribution under specified circumstances.

(Sec. 3) Directs the Commission and the Attorney General to issue final regulations to carry out the amendments of this Act no later than 30 days after enactment.