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NCJ Number: 184986 Find in a Library
Title: Money Laundering
Journal: American Criminal Law Review  Volume:37  Issue:2  Dated:Spring 2000  Pages:729-756
Author(s): Kirk McCormick; Brian Stekloff
Date Published: 2000
Page Count: 28
Type: Legislation/Policy Description
Format: Article
Language: English
Country: United States of America
Annotation: This article reviews the Federal Money Laundering Control Act of 1986 and currency reporting laws, describes the elements of the offenses, analyzes the defenses, discusses the penalties for violation of the statutes, and examines several recent developments related to money laundering.
Abstract: The Money Laundering Control Act of 1986 holds criminally liable any individual who conducts a monetary transaction knowing that the funds involved were derived from unlawful activity. The act not only reaches the proceeds of conduct characteristic of organized crime -- such as narcotics trafficking, Racketeer Influenced and Corrupt Organizations Act predicates, and certain State offenses -- but also encompasses a wide range of additional criminal offenses, including copyright infringement, environmental offenses, espionage, trading with the enemy, and conducting financial transactions with the intent to engage in violations of the Internal Revenue Code. One of the principal purposes of the act, through Section 1957, is to bar all "monetary transactions" in "criminally derived property" exceeding $10,000. The Federal Government also uses currency reporting laws to counter money laundering; they forbid exporting more than $10,000 of undeclared cash to prevent money laundering. Constitutional vagueness and double jeopardy are the two theories that have been used to attack the Money Laundering Act. 194 footnotes
Main Term(s): Criminology
Index Term(s): Crime specific countermeasures; Federal Code; Financial institutions; Money laundering; Money Laundering Control Act of 1986; Organized crime; Organized crime investigation; Organized crime prevention
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