A 28 year-old Boston man has plead guilty in a Boston court today after stealing sensitive information from millions of people in Massachusetts and New York. Albert Gonzalez was able to get debt and credit card info from large retail chains such as TJX Cos Inc, parent of T.J. Maxx and Marshalls. Gonzalez could be facing up to 25 years in jail. Read the rest of the article.
Money laundering is often associated with images of 1930s gangsters like Al Capone, but these charges are still prevalent today. Many often ask the question what is money laundering?
“Money laundering” as it is commonly called, involves the transfer of monies that are a product of criminal activity – whether that activity is drug trafficking related or white collar crime related. Although there is a fairly broad definition of money laundering, the federal money laundering laws were enacted to attempt to take the profit out of criminal activity.
Congress has passed several laws over the years to prevent profits of criminal activity from being utilized, such as Currency Transaction Reports. The Anti-Money Laundering Statutes criminalizes the movement and use of profits/wealth created by criminal activity. See Title 18, United States Code, Sections 1956 and 1957.
Read more about Money Laundering.
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