- Money Laundering Control Act
The Money Laundering Control Act of 1986 (Public Law 99-570) is a United States Act of Congress that made money laundering a Federal crime. It was passed in 1986. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It for the first time in the United States criminalized money laundering. Section 1956 prohibits individuals from engaging in a financial transaction with proceeds that were generated from certain specific crimes, known as “specified unlawful activities” (SUAs). Additionally, the law requires that an individual specifically intend in making the transaction to conceal the source, ownership or control of the funds. There is no minimum threshold of money, nor is there the requirement that the transaction succeed in actually disguising the money. Moreover, a “financial transaction” has been broadly defined, and need not involve a financial institution, or even a business. Merely passing money from one person to another, so long as it is done with the intent to disguise the source, ownership, location or control of the money, has been deemed a financial transaction under the law. Section 1957 prohibits spending in excess of $10,000 derived from an SUA, regardless of whether the individual wishes to disguise it. This carries a lesser penalty than money laundering, and unlike the money laundering statute, requires that the money pass through a financial institution. 
- ^ Cassella, Stephan (September 2007). Money Laundering Laws. http://www.justice.gov/usao/eousa/foia_reading_room/usab5505.pdf. Retrieved 2 March 2011.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Money laundering — is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote… … Wikipedia
money laundering — the moving of the proceeds of crime through the financial system so as to conceal its nature. As a result of a European directive, the UK has implemented rules against this practice mainly through the Criminal Justice Act 1993. Aside from… … Law dictionary
money laundering — The transferring of *money derived from illegal activities into legal or legitimate channels. Money laundering is intended to conceal the illegal origins of funds, and it is commonly associated with drug trafficking and *smuggling. In the United… … Auditor's dictionary
Anti-money laundering — (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. Anti money laundering guidelines… … Wikipedia
Border Protection, Anti-terrorism, and Illegal Immigration Control Act of 2005 — The Border Protection, Anti terrorism, and Illegal Immigration Control Act of 2005 (USBill|109|H.R.|4437) was a bill in the 109th United States Congress. It was passed by the United States House of Representatives on December 16, 2005 by a vote… … Wikipedia
USA PATRIOT Act — Full title Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 Acronym USA PATRIOT Act, also Patriot Act Enacted by the 107th United States Congress … Wikipedia
USA PATRIOT Act, Title III — The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections. Title III: International Money Laundering Abatement and Financial Anti… … Wikipedia
History of the USA PATRIOT Act — The history of the USA PATRIOT Act involved many parties who opposed and supported the legislation, which was proposed, enacted and signed into law a month and a half after the September 11 terrorist attacks of New York City in 2001. The USA… … Wikipedia
USA PATRIOT Act, Title III, Subtitle B — The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, with the third title ( Title III: International Money Laundering Abatement and Financial Anti Terrorism Act… … Wikipedia
Drug-Free Century Act — Citation S. 5 [106th] Legislation history Bill citation full text Introduced by Sen. Michael DeWine [R OH] First reading … Wikipedia