The Money Laundering Control Act Of 1986 Essay

812 Words May 4th, 2016 4 Pages
The Money Laundering Control Act of 1986, prohibits engaging in any transactions involving proceeds generated from illegal activities. Money Laundering, The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained money into seemingly legitimate funds. Money laundering is when funds from criminal activity are converted into “clean money” and cannot be traced back to the criminal activity. The goal is to conceal the criminal activity and the criminals involved. One of the main reasons people commit criminal acts is to make money off of it. Money laundering allows criminals to enjoy these illegal proceeds without law enforcement noticing. Money Laundering is also known as a White-Collar Crime, a white collar crime contain lying, cheating, and stealing. A white-collar crime also refers to a financially motivated nonviolent crime committed by business and government professionals. Within criminology, it was first defined by sociologist Edwin Sutherland in 1939 as "a crime committed by a person of respectability and high social status in the course of his occupation" (International Compliance Association, 2002) money laundering is still a big crime to this day. Money laundering happens in almost every country in this world. There has been many arrest and indictments on money laundering charges. Money laundering can be used in drug trafficking, terrorism financing, or tax evasion. Obviously…

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