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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.
Cabrales, 118 S. Ct. 1772 (1998) [3] a jurisdiction issue on venue was invoked by the attendant circumstance that the relevant acts of money laundering occurred in Florida where the case was to be tried, but the funds were derived from the unlawful distribution of cocaine in Missouri. The offense is defined as:
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 offenses also differ in whether the payor may be prosecuted in addition to the public official. Finally, the offenses differ in whether they are predicates for Racketeer Influenced and Corrupt Organizations Act and money laundering prosecutions, and in the maximum authorized prison sentence that may be imposed upon conviction.
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 ]
Racketeering is a type of organized crime in which the perpetrators set up a coercive, fraudulent, extortionary, or otherwise illegal coordinated scheme or operation (a "racket") to repeatedly or consistently collect a profit. [1]
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.