Money Laundering

Paper Summary:

This paper explains that money laundering is a principal element in organized crime and in terrorism. The author points out that, recently, the focus of federal law regarding money laundering has undergone drastic changes as legislators think of it less in terms of the obfuscation of ill-gotten gains and more in terms of terrorism and national security. The paper relates the Enron and Worldcom banking scandals of late 2001 and 2002 also prompted legislators to review money laundering legislation.

Table of Contents
Introduction
Recent Developments
Money Laundering and Terrorism
The International Attempt to Combat Terrorism, Fraud and Criminal Activity
Legislation since the RICO and the ?War on Drugs?
Future Threats

From the Paper:

"In conjunction with the Reagan Administration's "War on Drugs," Congress passed the Money Laundering Control Act of 1986, which created liability for any individual who conducts a monetary transaction knowing that the funds have been derived through unlawful activity. This act reflected the growing role of international money wire transfers; previous legislation had failed in that it didn't address this problem sufficiently. It also was in line with the federal government's new approach to organized crime that was defined in Title 18 of the United States Code; RICO or "Racketeer-Influenced and Corrupt Organizations." RICO encourages investigators "to think in terms of gathering evidence and obtaining indictments against entire 'enterprises like each organized crime family," and it allows prosecutors to present at trial "a complete picture of what the defendant was doing and why -- instead of the artificially fragmented picture that traditional criminal law demands.""

More papers on Money Laundering:

• Term Paper # 105793 : "Money Laundering"
• Persuasive Essay # 133264 : "Money Laundering: What Is It and How Do We Fight It?"
• Analytical Essay # 136347 : "Money Laundering and Assets"
• Analytical Essay # 134815 : "The Facets of Money-Laundering"

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