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Trade-Based Money Laundering: Overview and Policy Issues

Description: This report discusses the scope of the trade-based money laundering (TBML) problem and analyzes selected U.S. government policy responses to address TBML. It includes a listing of hearings in the 114th Congress that addressed TBML.
Date: June 22, 2016
Creator: Miller, Rena S.; Rosen, Liana W. & Jackson, James K.
Partner: UNT Libraries Government Documents Department

FinCEN Seeks Shell-Company Transparency

Description: This legal sidebar discusses the Financial Crimes Enforcement Network's (FinCEN) rules outlining anti-money laundering due diligence requirements. These rules require certain financial institutions to identify and verify beneficial owners of legal entity customers.
Date: June 6, 2016
Partner: UNT Libraries Government Documents Department

United States v. Santos: "Proceeds" in Federal Criminal Money Laundering Statute, 18 U.S.C. Section 1956, Means "Profits," Not "Gross Receipts"

Description: On June 2, 2008, the U.S. Supreme Court, in United States v. Santos (No. 96-1005), vacated convictions of the operator of an illegal lottery and one of his runners who had been charged with conducting financial transactions involving the "proceeds" of an illegal lottery and one of his runners who had been charged with conducting financial transactions involving the "proceeds" of an illegal gaming business. The ruling is that "proceeds," as used in this money laundering statute, means "profits" rather than "gross receipts" of the underlying unlawful activity. This report analyzes this decision, the factors contributing to the decision, the principles upon which the decision was based, and the possible future effects of the ruling.
Date: June 13, 2008
Creator: Murphy, M. Maureen
Partner: UNT Libraries Government Documents Department

Anti-Money Laundering: An Overview for Congress

Description: This report discusses anti-money laundering (AML), which refers to efforts to prevent criminal exploitation of financial systems to conceal the location, ownership, source, nature, or control of illicit proceeds.
Date: March 1, 2017
Creator: Miller, Rena S. & Rosen, Liana W.
Partner: UNT Libraries Government Documents Department

Problems Encountered in Money Laundering Investigations

Description: The purpose of this study is to identify how the U.S. is responding to money laundering and what kind of problems arise while countering it, beginning with a detailed description of money laundering, its stages, typologies, impacts, and complications. Due to the broad nature of this subject only three main issues form the focal point of this study: problems concerning the banking industry and other financial organizations, problems resulting from the limitations of law enforcement agencies, and problems arising from the lack of cooperation between and within financial institutions and law enforcement agencies. Several probable solutions to the above problems are identified: Considering the financial industry, there are loopholes in the Bank Secrecy Act (BSA) and in other regulations that apply to the industry. Thus, there is a comparison of the Subjective Model vs. Objective Model in terms of reporting systems for financial organizations. On the law enforcement side, the priority is the need to update and upgrade their technology and investigation mechanisms in order not to fall behind the criminals. Finally, cooperation is something that can be achieved through mutual respect and understanding of the priorities of each side, which can be achieved by the creation of an upper agency of whose members represent both sides of the combat efforts.
Date: August 2001
Creator: Akyay, Ilkay
Partner: UNT Libraries