Money Laundering Control Act

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. Section 1956 prohibits individuals from engaging in a financial transaction with proceeds that were generated from certain specific crimes, known as "specified unlawful activities" (SUAs). Additionally, the law requires that an individual specifically intend in making the transaction to conceal the source, ownership or control of the funds. There is no minimum threshold of money, nor is there the requirement that the transaction succeed in actually disguising the money. Moreover, a "financial transaction" has been broadly defined, and need not involve a financial institution, or even a business. Merely passing money from one person to another, so long as it is done with the intent to disguise the source, ownership, location or control of the money, has been deemed a financial transaction under the law. Section 1957 prohibits spending in excess of $10,000 derived from an SUA, regardless of whether the individual wishes to disguise it. This carries a lesser penalty than money laundering, and unlike the money laundering statute, requires that the money pass through a financial institution.[1][2]

Money Laundering Control Act
Great Seal of the United States
Other short titles
  • Alcohol and Drug Abuse Amendments of 1986
  • Money Laundering Control Act of 1986
Long titleAn Act to strengthen Federal efforts to encourage foreign cooperation in eradicating illicit drug crops and in halting international drug traffic, to improve enforcement of Federal drug laws and enhance interdiction of illicit drug shipments, to provide strong Federal leadership in establishing effective drug abuse prevention and education programs, to expand Federal support for drug abuse treatment and rehabilitation efforts, and for other purposes.
NicknamesAnti-Drug Abuse Act of 1986
Enacted bythe 99th United States Congress
EffectiveOctober 27, 1986
Citations
Public law99-570
Statutes at Large100 Stat. 3207 aka 100 Stat. 3207-18
Codification
Titles amended18 U.S.C.: Crimes and Criminal Procedure
U.S.C. sections created
U.S.C. sections amended18 U.S.C. ch. 96 § 1961
Legislative history
Major amendments
USA PATRIOT Act

Money Laundry Prevention Officers
  • In France: AMF [3]
  • In Germany: Pequris.[4]
  • In Spain: [5]
  • In USA: IMLPO [6]

See also

References
  1. Cassella, Stephan (September 2007). "Money Laundering Laws" (PDF). Retrieved 2 March 2011. {{cite journal}}: Cite journal requires |journal= (help)
  2. Doyle, Charles (November 30, 2017). Money Laundering: An Overview of 18 U.S.C. § 1956 and Related Federal Criminal Law (PDF). Washington, DC: Congressional Research Service. Retrieved 1 February 2018.
  3. "Prevention of money laundering and terrorist financing". 28 July 2023.
  4. "Geldwäschebeauftragter" (in German). 3 November 2021.
  5. "Servicio Ejecutivo de la Comisión de Prevención de Blanqueo de Capitales".
  6. "The Institute of Money Laundering Prevention Officers".
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