Money Laundering

According to Albrecht & Zimbelman (2009) money launderer will be prosecuted if money is found during the money laundering investigation. Money Launderer may also be convicted and sentenced. Money used to commit a crime is usually confiscated after being seized by a law enforcement agency. Investigations are usually done after banks report large suspicions, transfers, withdrawals, purchases, etc., suspicious activity during testing.

In 1986, money laundering became a federal crime, and the "money laundering prevention law" was first adopted. This is followed by the Lawsuit Improvement Law in 1988, which approves "acts" of money laundering and imposes fines and penalties on those who promote money laundering including negligent bankers. Several other steps have improved America's efforts in the 1990s. The Ministry of Finance established the Financial Crime Execution Network (FinCEN) in 1990. Two years later, Annunzio-Wylie Anti - "Money Laundering Act" became a law that obligates banks to submit suspicious activity reports (SARs) in large or abnormal transactions, suggesting the possibility of criminal activity It is.

Money laundering is not only considered a crime but is strictly regulated in several jurisdictions around the world. Within the EU, various regulations and national law concerning money laundering and compliance with specific standards and procedures. Companies that do not comply with such requirements may face severe fines and announcements due to their failure. When considering its obligation to prevent money laundering, KYC, CFT, it is necessary to establish many processes related to risk prevention. In some industries like the banking industry, companies are obliged to appoint an anti-money laundering officer in charge of such measures. Employees working in these companies must be tested for suspicious circumstances and customer training.

Casinos and banks are regulated by the federal government to prevent money laundering. Even if banks and casinos look reverse, money can still be washed away. This is the case of trump Taj Mahal's money laundering. Until recently, the purchase of real estate is not regulated, and luxury real estate has a long history of money laundering. In 1984, Robert Hopkins bought two trump tower apartments worth a total of 1.6 million dollars. Hopkins brought two suitcases with cash of $ 200,000 in cash for the trump tower. And it counted the existence of playing cards, and the trump luxury limousine drove a suitcase to the New Jersey bank. Hopkins can get the remaining mortgage without income or asset records - the bank is a local bank used by the playing cards