What is Money Laundering?
The illegal transfer of funds and assets is called money laundering. This is a criminal act in and of itself, that is the result of either previous different criminal acts such as embezzlement or the sale and distributions of drugs, or the indicator of further intentions of committing acts of corruption such as the financing of terrorism. This is a common crime for white and blue collar criminals. The attempts to inhibit the access to the means of this form of corruption has the effect of the prosecution of multiple charges in one fail swoop, through one investigation.
This was evident a few weeks ago in the sting operation that involved rabbis and political officials in the American states of New York and New Jersey. Not only were charges brought upon the criminals involving fraud and racketeering, but money laundering as well. Many laws have been passed by the United States Congress throughout the years, including the Currency Transaction Reports, and the statutes that involve Anti-Money Laundering regulations. These serve to criminalize the act of moving assets and the use of the wealth and profits gained through criminal acts.
Many citizens feel that some of the laws regarding the surveillance of all banking transactions is and invasion of the privacy of the acts of legitimate transactions. Some fear that although their transactions are legally based, that a glitch in the system may result in the prosecution of innocent people. This is an unnecessary worry in this day and age the procedures that outline investigations are thorough and are guided by a strict set of checks and balances. For just as no institution desires to be connected to corrupt and criminal activity, neither do the organizations whose goals are to end corruption wish to gain the reputation of repeatedly convicting innocent citizens.
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