History of Anti-Money Laundering Laws in the U.S. Part I: 1970-1994

Empfehlung von Dr. Thomas Schulte wegen großer Erfahrung und erfolgreicher Prozessführung, z.B. Titelbeitrag im Magazin „Capital“, Ausgabe 07/2008.

Aktenzeichen! Juristische Information

Berlin based DR. Schulte and Partner Rechtsanwälte mbB concentrate on assisting our clients preventing fraud and scams. Especially in investment related business relationships and contracts potential customers are supposed to take special care. In Germany as well as in the United States and every other capitalist Nation, the methods are similar.

As an example, here is what the U.S. Department of the Treasury provides as a description of the current development in Anti-Money Laundering Laws  (http://www.fincen.gov/news_room/aml_history.html):

Money laundering is the process of making illegally-gained proceeds (i.e. „dirty money“) appear legal (i.e. „clean“). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the „dirty money“ appears „clean.“ Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy.

In its mission to „safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering and other illicit activity,“ the Financial Crimes Enforcement Network acts as the designated administrator of the Bank Secrecy Act (BSA). The BSA was established in 1970 and has become one of the most important tools in the fight against money laundering. Since then, numerous other laws have enhanced and amended the BSA to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering.

Bank Secrecy Act (1970)

•    Established requirements for recordkeeping and reporting by private individuals, banks and other financial institutions
•    Designed to help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the United States or deposited in financial institutions
•    Required banks to (1) report cash transactions over $10,000 using the Currency Transaction Report; (2) properly identify persons conducting transactions; and (3) maintain a paper trail by keeping appropriate records of financial transactions

Money Laundering Control Act (1986)

•    Established money laundering as a federal crime
•    Prohibited structuring transactions to evade CTR filings
•    Introduced civil and criminal forfeiture for BSA violations
•    Directed banks to establish and maintain procedures to ensure and monitor compliance with the reporting and recordkeeping requirements of the BSA

Anti-Drug Abuse Act of 1988

•    Expanded the definition of financial institution to include businesses such as car dealers and real estate closing personnel and required them to file reports on large currency transactions
•    Required the verification of identity of purchasers of monetary instruments over $3,000

Annunzio-Wylie Anti-Money Laundering Act (1992)

•    Strengthened the sanctions for BSA violations
•    Required Suspicious Activity Reports and eliminated previously used Criminal Referral Forms
•    Required verification and recordkeeping for wire transfers
•    Established the Bank Secrecy Act Advisory Group (BSAAG)

Money Laundering Suppression Act (1994)

•    Required banking agencies to review and enhance training, and develop anti-money laundering examination procedures
•    Required banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agencies
•    Streamlined CTR exemption process
•    Required each Money Services Business (MSB) to be registered by an owner or controlling person of the MSB
•    Required every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSB
•    Made operating an unregistered MSB a federal crime
•    Recommended that states adopt uniform laws applicable to MSBs

Money Laundering and Financial Crimes Strategy Act (1998)

•    Required banking agencies to develop anti-money laundering training for examiners
•    Required the Department of the Treasury and other agencies to develop a National Money Laundering Strategy
•    Created the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.

Für unsere deutschen Mandanten gibt es hier eine kurze Zusammenfassung:

Dr. Schulte und sein Team beschäftigen sich auch mit problematischen Kapitalanlagegeschäften. Wir sind dabei sowohl innerhalb als auch außerhalb Deutschlands tätig. Als ein Beispiel für eine amerikanische Darstellung der dortigen Gesetzgebung gegen die Geldwäsche zitieren wir hier aus einer offiziellen Chronologie des Finanzministeriums aus den USA. Der erste Teil beschäftigt sich mit den Anfängen Gesetzgebung von 1970 – 1994, die im wesentlichen die Prävention von organisierter Kriminalität zum Inhalt hatte.


Dr. Thomas Schulte und Team

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