November 02, 2012 (Press-News.org) Nowadays, money laundering in the U.S. and internationally is often related to terroristic activity and illegal drug transactions. Now that the worst part of the financial-institution crisis seems to have passed, government regulators are turning their attention again to more traditional matters like oversight of the banking system's compliance with anti-money-laundering laws, regulations and requirements.
The federal Office of the Comptroller of the Currency has historically enforced money-laundering safeguards against banks, but the agency was criticized this past summer by members of Congress for lax oversight. The New York Times reports that the OCC has since accelerated the pace of its bank oversight.
Going forward, in addition to the OCC, the federal Department of Justice's money-laundering and bank-integrity unit plans to sharply increase enforcement of the Bank Secrecy Act, or BSA, the federal statute that requires financial institutions to employ strict internal compliance systems, and to report and control suspicious transactions (especially in cash) that smack of potential money laundering.
The BSA casts a wide net over financial institutions, reaching illegal activity within not only traditional banks, but also in entities like credit unions, those dealing in securities, insurance companies and even casinos.
According to Reuters, the new DOJ unit is focusing directly on the white collar crime of money laundering in and of itself, rather than merely adding it as another criminal count in the charges for the underlying crime that generated the illicit funds. The unit is also looking at new technologies that could potentially support money-laundering transactions.
What is money laundering?
A basic definition of money laundering is when a person transfers money (or a money equivalent) that came from an illegal activity (or is going to finance one) through a financial institution or similar legal entity in order to make the origin of the funds more difficult to trace. In other words, the money launderer puts tainted money into the lawful stream of money to blend it in and make it hard to identify, like the financial equivalent of getting lost in the crowd.
Money laundering is a federal crime that subjects a convicted defendant to a fine up to $500,000, a prison term up to 20 years, or both. Anyone convicted of a federal money-laundering offense is also liable to the U.S. government for a civil penalty up to $10,000. A money-laundering crime may also be a state crime. In Texas, for example, money laundering is a felony under state law.
If you are being investigated for or charged with a federal or state money-laundering crime, whether for questionable money transactions or as a bank official or employee, speak with an experienced white collar criminal defense lawyer to understand your legal rights and to build a vigorous defense.
Article provided by Patrick L. Hancock
Visit us at www.hancockcriminaldefense.com
US Department of Justice to Focus on Banks' Money-Laundering Controls
Now that the worst part of the financial-institution crisis has passed, government regulators are turning their attention to more traditional matters like oversight of bank compliance with anti-money-laundering laws.
2012-11-02
ELSE PRESS RELEASES FROM THIS DATE:
OSHA Cites Contractor in Connection With Deadly New York Crane Accident
2012-11-02
New York City's skyline is defined by its skyscrapers. For decades, builders in New York have consistently outdone themselves by constructing buildings that reach heights previously thought unattainable. You can hardly walk down the street in the Big Apple without encountering wide-eyed tourists marveling at these pillars in the sky - although often to the chagrin of many hurried New Yorkers who share the sidewalks with these casual observers.
These model marvels do not come without costs however. The construction of New York skyscrapers is a complex, and often dangerous, ...
Pedestrian and Bicycle Accidents Deadly for Los Angeles Residents
2012-11-02
After driving down the streets of Los Angeles, it comes as no surprise that they are particularly dangerous for both pedestrians and bicyclists. A study recently released by the University of Michigan Transportation Research Institute has revealed that Los Angeles' roads are some of the most dangerous in the country for people traveling by foot and by bike.
According to the study, approximately 33 percent of people killed in traffic accidents in Los Angeles are pedestrians. While this rate seems high on its own, it is particularly shocking when compared to the national ...
Minnesota Workers' Compensation: Legal Steps After Denial of Benefits
2012-11-02
Workers who suffer injuries on the job in Minnesota often have plenty of questions about how to file a workers' comp claim. From reporting an injury to an employer to learning about a workers' right to medical treatment, a Minnesota workers' comp lawyer can explain all of the preliminary legal issues and help a client understand how to maximize work injury benefits.
If a worker learns that his or her application for benefits has been denied, a workers' compensation attorney can explain everything from legal timelines for appeal to a client's prospects for success. Because ...
Independent Contractor Misclassification Affects Eligibility for Work Comp Benefits
2012-11-02
After being injured on the job, the last thing you want to hear is that you are not covered for workers' compensation benefits. Many workers in Minnesota find themselves in such situations, though, when their employers consider them to be independent contractors rather than employees. At times, employers are inaccurate in their assessments, however, and improperly classify employees as independent contractors. When that is the case, it is critical for the worker to be aware of his or her rights to ensure proper classification and coverage for workers' compensation.
Independent ...
How Does the IRS Determine Responsibility for Unpaid Payroll Taxes?
2012-11-02
The Internal Revenue Code is notoriously complex, particularly for rules governing business taxes. It is easy for business owners to run afoul of the IRS when trying to calculate and pay its payroll taxes.
All employers are required collect and withhold income and social security taxes from their employees' paychecks. See IRC Sections 3101 and 3102 (Federal Insurance Contributions Act (FICA) taxes), 3401-3406 (income taxes). The employers are also required to file quarterly reports of taxes withheld (IRS Form 941) and to make federal tax deposits (FTDs).
Civil penalties ...
Prompt Proofing Blog Post: Grammar Tips: I or Me?
2012-11-02
Confused by when to use I and when to use me? You are not alone!
Many people find these pronouns confusing in certain situations. We all know that I is a subject pronoun and me is an object pronoun but there are times when it's easy to lose track of this. Consider the following - which sentences do you think are correct?
1. Why don't you come to the party with my husband and I?
2. Sam and me always vacation in Hawaii.
3. He is taller than me.
4. You should come to the play with Susan and me.
5. Jane and I both love that band.
6. You know her better ...
BMF Wheels Expands Product Line at The 2012 SEMA Show With New F.I.T.E. Wheel Design Also Launches Three New Forged Wheels Made in the U.S.A. MMA Champion Matt Hughes Partners With BMF Wheels
2012-11-02
BMF Wheels, a leader in the aftermarket wheel industry specializing wheels for lifted and leveled trucks, will be releasing three new designs at the 2012 SEMA show in Las Vegas, NV, October 30 - November 2, 2012, in booth number 30205 at the Las Vegas Convention Center. BMF Wheels will be offering the all-new F.I.T.E. design in STEALTH, "Death Metal" Black and PVD (Chrome) finishes. The F.I.T.E. is TPMS sensor compatible and features the company's most intricate machining process to date. The F.I.T.E. is the latest addition to a growing offering of products from ...
Who Do You Think Will Win the 2012 Elections? Vote Expectation Surveys More Accurate in Predicting Election Results Than Opinion Polls, Says willobamaorromneywin.com
2012-11-02
Vote expectation surveys are the untold underdogs story but yet the most accurate of all the five election forecasting methods available: vote intention polls, prediction markets, expert judgment, and econometric models. Just ask the audience at the TV show Who Wants to be a Millionaire. An analysis by the blog asmartbear shows that the studio audience predicted the correct answer 91% of the time compared to 65% of the time by the expert friends. Or even ask the happy investors who invested in cheap index funds like Vanguard which for the most part outperformed the managed ...
Leftover Halloween Candy Earns Bubble Truck Fun and Chance at Nook Color at Ideal Dentistry Offices in Prospect on Nov 5 & Louisville, KY on Nov 8
2012-11-02
Leftover Halloween candy is normally a temptation, an appetite-spoiler or an at-work giveaway. But on Nov. 5, it will be welcome at Ideal Dentistry, 9527 U.S. Hwy 42 in Prospect and on Nov 8 at the new Ideal Dentistry office in Louisville at 4010 DuPont Circle, Suite 469.
The Halloween candy collected at the "Sweet Swap" will be donated to Operation Gratitude to be sent overseas as a treat for the troops. Those donating candy will have the opportunity to write their own thank you to the soldiers who receive it. Attendees will also enjoy the famous Bubble Truck, ...
Dave Lindeen Appointed Senior Vice President of Sales for Corcentric
2012-11-02
Corcentric, a leading provider of Financial Process Automation solutions, today announced the appointment of Dave Lindeen to the role of Senior. Vice President of Sales. Dave has served as Vice President of Corcentric since 2002, leading strategic business planning and sales for the company.
Dave came to Corcentric with 25 years of experience in the transportation industry; a majority of that time with Ryder System, Inc. In his ten year tenure at Corcentric, Dave has been intimately involved in all aspects of the company's growth, including sales, technology investments, ...
LAST 30 PRESS RELEASES:
Mapping ‘dark’ regions of the genome illuminates how cells respond to their environment
ECOG-ACRIN and Caris Life Sciences unveil first findings from a multi-year collaboration to advance AI-powered multimodal tools for breast cancer recurrence risk stratification
Satellite data helps UNM researchers map massive rupture of 2025 Myanmar earthquake
Twisting Spins: Florida State University researchers explore chemical boundaries to create new magnetic material
Mayo Clinic researchers find new hope for toughest myeloma through off-the-shelf immunotherapy
Cell-free DNA Could Detect Adverse Events from Immunotherapy
American College of Cardiology announces Fuster Prevention Forum
AAN issues new guideline for the management of functional seizures
Could GLP-1 drugs affect risk of epilepsy for people with diabetes?
New circoviruses discovered in pilot whales and orcas from the North Atlantic
Study finds increase in risk of binge drinking among 12th graders who use 2 or more cannabis products
New paper-based technology could transform cancer drug testing
Opioids: clarifying the concept of safe supply to save lives
New species of tiny pumpkin toadlet discovered in Brazil highlights need for conservation in the mountain forests of Serra do Quiriri
Reciprocity matters--people were more supportive of climate policies in their country if they believed other countries were making significant efforts themselves
Stanford Medicine study shows why mRNA-based COVID-19 vaccines can cause myocarditis
Biobanking opens new windows into human evolution
Sky-high smoke
AI tips off scientists to new drug target to fight, treat mpox
USC researchers develop next-generation CAR T cells that show stronger, safer response in animal models
New study reveals Industrial Revolution’s uneven health impacts across England
Vine-inspired robotic gripper gently lifts heavy and fragile objects
Fingerprint of ancient seafarer found on Scandinavia’s oldest plank boat
Lunar soil analyses reveal how space weathering shapes the Moon’s ultraviolet reflectance
Einstein’s theory comes wrapped up with a bow: astronomers spot star “wobbling” around black hole
Danforth Plant Science Center to lead multi-disciplinary research to enhance stress resilience in bioenergy sorghum
Home-delivered groceries improve blood sugar control for people with diabetes facing food insecurity
MIT researchers identified three cognitive skills we use to infer what someone really means
The Iberian Peninsula is rotating clockwise according to new geodynamic data
SwRI, Trinity University to study stable bacterial proteins in search of medical advances
[Press-News.org] US Department of Justice to Focus on Banks' Money-Laundering ControlsNow that the worst part of the financial-institution crisis has passed, government regulators are turning their attention to more traditional matters like oversight of bank compliance with anti-money-laundering laws.