NCJ Number
210207
Date Published
March 2005
Length
12 pages
Annotation
This article describes the essential components of any anti-money laundering regime and outlines the challenges facing United States anti-money launder initiatives.
Abstract
The crime of money laundering has evolved into an almost exclusively transnational crime; almost every significant money laundering case in the United States in recent years has had an international quality. As such, international cooperation is vital to the investigation and apprehension of financial criminals, as well as in locating, seizing, and forfeiting the criminal wealth. The author outlines three critical components for anti-money laundering efforts: strong domestic money laundering laws, mutual legal assistance laws, and strong partnerships between law enforcement agencies and financial institutions. The discussion of domestic money laundering laws focuses on the importance of forfeiture as a centerpiece of these laws while the discussion of mutual assistance laws highlights the many obstacles these laws face in terms of effective and uniform enforcement. These obstacles include the inability to enforce foreign forfeiture judgments and the lack of asset sharing arrangements. A strong relationship between law enforcement officials and financial institutions is necessary for the effective investigation of crimes involving money and the financial sector. Without access to the proper records and financial knowledge, law enforcement has no hope of tracing complex financial transfers. Each country must do its part to ensure the containment of transnational financial crimes; for its part, the United States is now better equipped to handle money laundering investigations and related criminal justice processes such as civil forfeiture actions. Footnotes