Money Laundering Control Act

Short description: 1986 law that made money laundering a federal crime in the United States

Money Laundering Control Act

Other short titles|

* Alcohol and Drug Abuse Amendments of 1986
* Money Laundering Control Act of 1986

Long title| An 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.
Nicknames| Anti-Drug Abuse Act of 1986
Enacted by| the 99th United States Congress
Effective| October 27, 1986
Citations
Public law| 99-570
Statutes at Large| 100 Stat. 3207 aka 100 Stat. 3207-18
Codification
Titles amended| 18 U.S.C.: Crimes and Criminal Procedure
U.S.C. sections created|

* 18 U.S.C. Expression error: Unexpected < operator./chapter-Script error: The function "upper" does not exist. ch. Script error: The function "upper" does not exist. § 981
* 18 U.S.C. Expression error: Unexpected < operator./chapter-Script error: The function "upper" does not exist. ch. Script error: The function "upper" does not exist. § 1956-1957

U.S.C. sections amended| 18 U.S.C. Expression error: Unexpected < operator./chapter-Script error: The function "upper" does not exist. ch. Script error: The function "upper" does not exist. § 1961
Legislative history

* Introduced in the House as H.R. 5484 by James C. Wright Jr. (D–TX) on September 8, 1986
* Committee consideration by House Armed Services, House Banking, Finance, and Urban Affairs, House Education and Labor, House Foreign Affairs, House Government Operations, House Energy and Commerce, House Interior and Insular Affairs, House Judiciary, House Merchant Marine and Fisheries, House Post Office and Civil Service, House Public Works and Transportation, House Ways and Means
* Passed the House on September 11, 1986 (392-16)
* Passed the Senate on September 30, 1986 (97-2, in lieu of S. 2878) with amendment
* House agreed to Senate amendment on October 17, 1986 (unanimous consent) with further amendment
* Senate agreed to House amendment on October 17, 1986 (voice vote)
* Signed into law by President Ronald Reagan on October 27, 1986

Major amendments
USA PATRIOT 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 intends 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]

## Contents

* 1 Money Laundry Prevention Officers
* 2 See also
* 3 References
* 4 External links

## Money Laundry Prevention Officers

* In France: ACPR & AMF [3]
* In Germany: Pequris.[4]
* In Spain: [5]
* In USA: IMLPO [6]

## See also

* Operation Protect Our Children
* Housing and Community Development Act of 1992

## References

1. ↑ Cassella, Stephan (September 2007). "Money Laundering Laws". United States Attorneys' Bulletin. https://www.justice.gov/usao/eousa/foia_reading_room/usab5505.pdf. Retrieved 2 March 2011.
2. ↑ Doyle, Charles (November 30, 2017). Money Laundering: An Overview of 18 U.S.C. § 1956 and Related Federal Criminal Law. Washington, DC: Congressional Research Service. https://fas.org/sgp/crs/misc/RL33315.pdf. Retrieved 1 February 2018.
3. ↑ "Prevention of money laundering and terrorist financing". 28 July 2023. https://www.amf-france.org/en/professionals/management-companies/decrypt-regulation/money-laudering-1.
4. ↑ "Geldwäschebeauftragter" (in de). 3 November 2021. https://www.pequris.de/geldwaeschebeauftragter-aufgaben/.
5. ↑ "Servicio Ejecutivo de la Comisión de Prevención de Blanqueo de Capitales". https://www.sepblac.es/en/.
6. ↑ "The Institute of Money Laundering Prevention Officers". https://www.imlpo.com/.

## External links

* § 1956. Laundering of monetary instruments
* § 1957. Engaging in monetary transactions in property derived from specified unlawful activity

* v
* t
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Patriot Act

Titles I · II · III · IV · V · VI · VII · VIII · IX · X (History)

Acts modified|

* Omnibus Crime Control and Safe Streets Act of 1968
* Electronic Communications Privacy Act
* Computer Fraud and Abuse Act
* Foreign Intelligence Surveillance Act
* Family Educational Rights and Privacy Act
* Money Laundering Control Act
* Bank Secrecy Act
* Right to Financial Privacy Act
* Fair Credit Reporting Act
* Immigration and Nationality Act of 1952
* Victims of Crime Act of 1984
* Telemarketing and Consumer Fraud and Abuse Prevention Act

People|

* George W. Bush
* John Ashcroft
* Alberto Gonzales
* Patrick Leahy
* Orrin Hatch
* Jon Kyl
* Dianne Feinstein
* Viet D. Dinh
* Joe Biden
* Michael Chertoff
* Barack Obama
* Eric Holder
* Chuck Schumer
* Lamar Smith
* Bob Graham
* Jay Rockefeller
* Arlen Specter
* Mike Oxley
* Dick Armey
* Paul Sarbanes
* Trent Lott
* Tom Daschle
* Russ Feingold
* Ellen Huvelle
* Ron Paul
* Lisa Murkowski
* Ron Wyden
* Dennis Kucinich
* Larry Craig
* John E. Sununu
* Richard Durbin
* Bernie Sanders
* Jerry Nadler
* John Conyers Jr.
* Butch Otter

Government
organizations|

* Federal Bureau of Investigation
* Department of Justice
* Select Committee on Intelligence
* Department of the Treasury
* FinCEN
* Department of State
* National Institute of Standards and Technology
* Customs Service
* U.S. Immigration and Customs Enforcement

Non-government
organizations|

* American Civil Liberties Union
* American Library Association
* Center for Democracy and Technology
* Center for Public Integrity
* Electronic Frontier Foundation
* Electronic Privacy Information Center
* Humanitarian Law Project

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