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The larger crime may be racketeering, money laundering, financing of terrorism, etc. [1] For example, to violate the Racketeer Influenced and Corrupt Organization Act (RICO), a person must "engage in a pattern of racketeering activity", and in particular, must have committed at least two predicate crimes within 10 years. [ 2 ]
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Proceeds of Crime Act 2002 contains the primary UK anti–money laundering legislation, [79] including provisions requiring businesses within the "regulated sector" (banking, investment, money transmission, certain professions, etc.) to report to the authorities suspicions of money laundering by customers or others.
(Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners to the U.S ...
The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime. In 2005, money ...
Although the RICO laws may cover drug trafficking crimes in addition to other more traditional RICO predicate acts such as extortion, blackmail, and racketeering, large-scale and organized drug networks are now commonly prosecuted under the Continuing Criminal Enterprise Statute, also known as the "Kingpin Statute". The CCE laws target only ...
The offenses also differ in whether the payor may be prosecuted in addition to the public official. Finally, the offenses differ in whether they are predicates for Racketeer Influenced and Corrupt Organizations Act and money laundering prosecutions, and in the maximum authorized prison sentence that may be imposed upon conviction.
The FBI did not immediately respond to a request for comment on the defense experts' findings. The U.S. Attorney's Office that handled the case declined to comment.