Money Laundering and Financial Crimes Strategy Act of 1997

Money Laundering and Financial Crimes Strategy Act of 1997 - Amends Federal law governing monetary transactions to direct the President (acting through the Secretary of the Treasury) to develop and submit annually to the Congress a national strategy for combating money laundering and related financial crimes. Prescribes strategy contents.

Requires: (1) an element of the national strategy to be the designation of certain geographic areas, industries, sectors, or institutions as areas in which money laundering and related financial crimes are extensive or present a substantial risk; and (2) the Secretary to take specified factors into consideration when identifying such areas.

Authorizes certain Federal, State and local officials and prosecutors to submit a written request for the designation of a high-risk money laundering and related financial crimes area.

Authorizes the Secretary to award grants to State and local law enforcement agencies and prosecutors to investigate and prosecute money laundering and related financial crimes in high-risk money laundering areas (with special preference given to collaborative efforts of several State and local law enforcement agencies or prosecutors with a history of intergovernmental cooperative law enforcement and prosecutorial efforts in responding to such criminal activity).

Authorizes appropriations.

Instructs the Director of the Office of Management and Budget to establish the funding for law enforcement activities regarding money laundering and related financial crimes for each applicable department or agency as a separate object class in each annual budget submitted to the Congress.

Directs the Secretary to report to specified congressional committees on the effectiveness of and need for the designation of high-risk money laundering and related financial crime areas.