Money laundering by drug cartels, terrorists, and other criminal groups is a fast-growing problem. Technologies including online payment systems, virtual currency, and stored value cards have joined well-established methods of laundering the proceeds of criminal activity.
Laundered proceeds provide economic fuel for terrorist activities and violent conflicts across the globe, and fund other criminal activity. Moreover, it is not just criminal gangs that launder money. Because many white collar crimes are predicate offenses for money laundering, a wide array of violations can generate proceeds to be laundered before they can be freely spent. Anti-Money Laundering Deskbook: A Practical Guide to Law and Compliance is a roadmap to understanding this complex area.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FINCEN) defines money laundering as “the process of making illegally-gained proceeds appear legal,” through a three-step process of “placement, layering and integration.” Anti-Money Laundering Deskbook defines the terms, and then walks the reader through the federal statutory framework that has evolved substantially since 9/11, the USA PATRIOT Act, and the many statutes and regulations governing money laundering, structuring financial transactions, terrorist finance, and forfeiture.
This Deskbook provides the reader with a comprehensive understanding of money laundering as a cross-border issue, helping the reader to understand such issues as:
- How money laundering works – including through informal currency transfer networks, e-payment systems, virtual currencies, trade- or service-based schemes, and other methods
- When property is considered “involved in” or “traceable” to an offense and thus may be seized or forfeited
- How the structuring of funds to avoid required reporting is an offense regardless of whether the funds are derived from illegal or entirely legal activity
- How international organizations are adapting to the constantly changing attempts to evade prosecution through complex e-transfers that no longer are being cleared through state-chartered banks
- What offenses are on the growing list of “specified unlawful activities” (SUAs) that are predicate offenses to money laundering violations