NCJ Number
151510
Date Published
1992
Length
22 pages
Annotation
Large amounts of cash generated by the illicit drug trade represent the principal source of money laundering in Maryland, and Maryland's first money laundering law was enacted in 1990.
Abstract
Money laundering is the mechanism by which funds obtained illegally are made to appear legal or are hidden from government scrutiny. Under Maryland's new law, money laundering only pertains to illicit drug-related funds which exceed $10,000. No exact statistics on the extent of money laundering in Maryland are available, and such data are essential to control money laundering. Even so, joint efforts by Maryland law enforcement agencies and the Attorney General's Office to bring money laundering cases before the courts are coming to fruition. Methods used to launder money are described, as well as money laundering centers, businesses, and banks commonly used to launder money. Recommendations are offered to facilitate the collection of statistical information on money laundering in Maryland, particularly when several court cases have been processed. 9 illustrations