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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime. In 2005, money ...
An offender's possession of the proceeds of his own crime falls within the UK definition of money laundering. [82] The definition also covers activities within the traditional definition of money laundering, as a process that conceals or disguises the proceeds of crime to make them appear legitimate. [83]
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.
The foundation for much of what we now know as anti-money laundering (AML) originated in 1970 with a piece of U.S. legislation that went largely ignored for a decade: the Bank Secrecy Act. This ...
Structuring appears in federal indictments related to money laundering, fraud, and other financial crimes. The term "smurfing" is derived from the image of the comic book characters the Smurfs having a large group of many small entities. Miami-based lawyer Gregory Baldwin is said to have coined the term in the 1980s. [2] [3]
The larger crime may be racketeering, money laundering, financing of terrorism, etc. [1] For example, to violate the Racketeer Influenced and Corrupt Organization Act (RICO), a person must "engage in a pattern of racketeering activity", and in particular, must have committed at least two predicate crimes within 10 years. [2]
TD Bank will pay more than $3 billion in penalties after admitting to failing to adequately guard against money laundering and violating the Bank Secrecy Act, federal authorities said Thursday. ...