NCJ Number
156650
Journal
Akron Tax Journal Volume: 8 Dated: (1991) Pages: 1-71
Date Published
1991
Length
71 pages
Annotation
The Money Laundering Control Act of 1986 provides powerful tools for Federal law enforcement in its efforts to combat organized crime and drug trafficking.
Abstract
The statute criminalizes any transaction in which a criminal spends illegally obtained money to promote illegal activity, evade taxes, or conceal the nature and location of the illegal income. Within the purview of this statute is anyone who deals in any financial transaction with the criminal knowing that the money involved came from illegal activities. The four core elements of 18 U.S.C. Section 1956(a)(1), which deals with the laundering of domestic transactions, include knowledge, the conduct or attempt to conduct a transaction, the financial transaction itself, and proof that the proceeds were in fact of specified unlawful activity. The statute prohibits the international transportation of monetary instruments, creates a sting provision, and outlines penalties for violation of 18 U.S.C. Section 1956, including government forfeiture of assets acquired through proceeds derived from certain illegal activities. 222 notes