A former Republican congressman from Illinois has pleaded guilty to conspiring to launder $300,000 at a Washington bank, it was reported Saturday.

Robert Hanrahan, 54, served one term in the House from 1973 to 1975 and was later a deputy assistant secretary of health, education and welfare.He admitted Friday in U.S. District Court in Washington that he accepted $300,000 in cash and made deposits for another person in order to avoid federal reporting requirements.

The Washington Post reported Saturday that what he did not know at the time was that the receipient of the money was an undercover Internal Revenue Service agent.

Federal law requires banks to file reports for any cash transaction exceeding $10,000. In a statement filed by prosecutors, Hanrahan, who made a series of deposits of less than $10,000 each, had been told the money came from Cuba during the Castro revolution.

He also was told he would receive a salary of $10,250 for depositing the money.

Hanrahan is scheduled to be sentenced Oct. 13. He faces a maximum prison term of five years and a $250,000 fine.

Hanrahan declined to comment after the hearing, but a statement handed out by his lawyer said the former congressman was "obviously deeply remorseful and sincerely regrets this tarnish on an otherwise lustrous career."

"During the latter part of 1987, a period of personal financial stress, Mr. Hanrahan became ensnared in what turned out to be an undercover scam in which he was persuaded to assist in depositing relatively large sums of money in a local bank," the statement said.