NCJ Number
152703
Journal
International Enforcement Law Reporter Volume: 10 Issue: 10 Dated: (October 1994) Pages: 371-373
Date Published
1994
Length
3 pages
Annotation
This article describes how the Money Laundering Suppression Act will make foreign checks, drafts, notes, and money orders subject to reporting unless foreign jurisdictions have proper anti- laundering laws in place.
Abstract
A few provisions of this law have important implications for the international enforcement of banking and financial services. The law expands the definition of monetary instruments for the purpose of requiring the filing of a Report of International Transportation of Currency or Monetary Instruments. This procedure should stop a common money laundering technique, namely, smuggling currency across the U.S. border and presenting it to a bank in a foreign country that has no currency reporting requirements. The cash is then exchanged for a bank draft. Provisions related to money transmitters, foreign bank negotiable instruments, cashier's checks, and structuring are designed to meet gaps in the international aspects of laundering laws. 5 notes