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Money Laundering

Money Laundering. Physical & Cyber Crime Anti-Terrorism Focus Other Impacts. U niting & S trengthening A merica (USA Patriot) Act . Controversial Provisions: Expanded Federal investigation powers Detention of aliens, designation of terrorist orgs. Online surveillance enhancements

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Money Laundering

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  1. Money Laundering Physical & Cyber Crime Anti-Terrorism Focus Other Impacts

  2. Uniting & Strengthening America (USA Patriot) Act • Controversial Provisions: • Expanded Federal investigation powers • Detention of aliens, designation of terrorist orgs. • Online surveillance enhancements • Secret searches, Interagency info sharing • Monitor confidential Atty-Client communications • Extends Existing Money Laundering Restrictions

  3. What IS Money Laundering? • Various practices create illusion of legitimate transactions, disguise origin & movement of $ • Law Enforcement motto: “Follow the Money!” • Modern Term originated in 20s-30s gangster era • Coin cash flow from “numbers” racket cleansed through mob-operated coin-op laundries • Existed for nearly 4000 yrs • Hide earnings from despotic govt confiscation & taxes • Essential to terrorism, illegal drug trade, organized crime, smuggling

  4. Money Laundering Methods & Tools • Well-known practices but detection is costly • Transactions with minimal recordkeeping • Payments under $10K to avoid Currency Trans. Rpts • Cash used whenever possible • Minimize use of checks, wire transfers, credit cards • “Legitimate Fronts” apparently respectable businesses • See http://www.moneylaundering.com

  5. Anti-Money Laundering Laws

  6. Anti-Money Laundering Laws

  7. USA Patriot Act’s Anti-Money Laundering Provisions • Broadens definition of financial institutions regulated under money laundering laws • Requires anti-money laundering programs & training • Regulates private and correspondent banking • FCPA now defines money laundering defined as a form of bribery • Stiffens civil & criminal penalties for money laundering

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