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Structuring appears in federal indictments related to money laundering, fraud, and other financial crimes. The term "smurfing" is derived from the image of the comic book characters, the Smurfs, having a large group of many small entities. Miami-based lawyer Gregory Baldwin is said to have coined the term in the 1980s. [2] [3]
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.
Breaking up a deposit to avoid the reporting requirement is called structuring. If banks suspect structuring behavior, they need to file a suspicious activity report and that can lead to ...
Structuring is the practice of making deposits and withdrawals less than $10,000. For example, a person who wants to deposit $12,000 may make a deposit of $4,000 one day, $3,000 a few days later ...
Money laundering is broadly defined in the UK. [81] In effect any handling or involvement with any proceeds of any crime (or monies or assets representing the proceeds of crime) can be a money laundering offence. An offender's possession of the proceeds of his own crime falls within the UK definition of money laundering. [82]
Anti-money laundering. All federally-regulated banks are required by law to report major money transactions to the Financial Crimes Enforcement Network, or FinCEN, which is a bureau of the U.S ...
The Money Laundering Control Act of 1986 (Public Law 99-570) is a United States Act of Congress that made money laundering a federal crime. It was passed in 1986. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It for the first time in the United States criminalized money laundering.
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity as required under laws designed to counter money laundering, financing of terrorism and other financial crimes.