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NCJ Number: 210806 Find in a Library
Title: Money Laundering
Journal: American Criminal Law Review  Volume:42  Issue:2  Dated:Spring 2005  Pages:699-720
Author(s): Helesa K. Lahey
Date Published: 2005
Page Count: 22
Type: Legislation/Policy Analysis
Format: Article
Language: English
Country: United States of America
Annotation: This article describes the Federal statute criminalizing money laundering as well as the common defenses and penalties associated with the offense.
Abstract: The Money Laundering Control Act (Act) of 1986 criminalized any monetary transaction in which the funds were knowingly derived through unlawful activity. The Act targets transactions through financial institutions because the main goal of the Act is to prohibit criminally obtained monetary transactions exceeding $10,000. The Act consists of two sections of Title 18 of the United States Code, Sections 1956 and 1957, which are described in turn as addressing the intentional transportation or transfer of monetary funds derived from unlawful activities and any transactions involving property exceeding $10,000 that was derived from unlawful activities. Prosecutors must prove four main elements to win a conviction under the Act: (1) knowledge; (2) the existence of proceeds derived from an unlawful activity; (3) a financial transaction; and (4) intent. Three main theories have been used in defense against prosecutions under the Act: (1) constitutional vagueness; (2) double jeopardy; and (3) impermissibility of the congressional act. The impermissibility of the congressional act argument holds that the money laundering statutes are an impermissible act of Congress. Finally, the criminal and civil penalties set out for money laundering offenses are reviewed. Footnotes
Main Term(s): Laws and Statutes; Money Laundering Control Act of 1986
Index Term(s): Federal Code; Federal law violations; Prosecution
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