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Money Laundering in the US

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on 12 February 2017

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Transcript of Money Laundering in the US

Money laundering is a complex transnational crime that is related to many other crimes worldwide, and it requires precise and strict regulations to combat it.
The US efforts of anti-money laundering outside the US
Thank you
for your attention
Conviction of the guilty person in the US
Money Laundering in the US
By: Majed M. Alzahrani
Money laundering stages
Money laundering in the US
The US efforts of anti-money laundering inside the US
What is money laundering?
Money laundering is group of steps for the concealment an illegal gains without disclosing the criminals who want to use the money from the illegal proceeds (Nelson, 2007).
Reasons for money laundering:
(1) - the disguising of money
(2) - the continuation with illegal activities
According to US Senate report (1999 & 2001), "Some current estimates are that of US$ 500 billion to US$ 1 trillion in criminal proceeds are laundered through banks worldwide each year with about half of that is circulated through US banks" (cited in Agarwal, 2004)
In 1991, the world's worst banking scandal happened which has relevant to one of America banks. It was (BCCI) the Bank of Credit and Commerce International, which has a relation with some organizations crimes and terrorism. Even the CIA was connected to BCCI. There was a relationship between BCCI and Bank of America (Agarwal, 2004).

1. The deposit

2. The disguising

"For example in the infamous 1999 Bank of New York scandal, about $7.5 million was laundered through 87,000 electronic transfers into one account." (Russel, 2004)

3. The incorporation
To convict guilty person in the US, the government must proves four elements:
(1) knowledge
(2) the proceeds from the illegal activities
(3) financial dealing of money laundering
(4) intention of crime (Nelson et al., 2007).
1. The money laundering law-1986
2. Patriot law-2001
The US works anti-money laundering outside the US with group of international organization
INTERPOL - International Police
Egmont Group
FATF - Financial Action Task Force
ELS Johnson City, TN
Full transcript