The Money Laundering Control Act of 1986 (
Public Law
Public law is the part of law that governs relations between legal persons and a government, between different institutions within a state, between different branches of governments, as well as relationships between persons that are of direct ...
99-570) is a
United States Act of Congress
An Act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law) ...
that made
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
a
federal crime
In the United States, a federal crime or federal offense is an act that is made illegal by U.S. federal legislation enacted by both the United States Senate and United States House of Representatives and signed into law by the president. Prosec ...
. It was passed in 1986. It consists of two sections, and . It for the first time in the United States criminalized money laundering. Section 1956 prohibits individuals from engaging in a
financial transaction
A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A ...
with proceeds that were generated from certain specific crimes, known as "specified unlawful activities" (SUAs). Additionally, the law requires that an individual specifically intend in making the transaction to conceal the source, ownership or control of the funds. There is no minimum threshold of money, nor is there the requirement that the transaction succeed in actually disguising the money. Moreover, a "financial transaction" has been broadly defined, and need not involve a financial institution, or even a business. Merely passing money from one person to another, so long as it is done with the intent to disguise the source, ownership, location or control of the money, has been deemed a financial transaction under the law. Section 1957 prohibits spending in excess of $10,000 derived from an SUA, regardless of whether the individual wishes to disguise it. This carries a lesser penalty than money laundering, and unlike the money laundering statute, requires that the money pass through a financial institution.
Money Laundry Prevention Officers
* In France: AMF
* In Germany: Pequris.
* In Spain:
* In USA: IMLPO
See also
*
Operation Protect Our Children
*
Housing and Community Development Act of 1992
References
External links
§ 1956. Laundering of monetary instruments§ 1957. Engaging in monetary transactions in property derived from specified unlawful activity
1986 in law
99th United States Congress
Anti-money laundering measures
United States federal criminal legislation
United States federal financial legislation
1986 in American law
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