What is Money Laundering?
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.