Money laundering
 
 

Several federal statutes address money laundering, among them the Currency and Foreign Transactions Reporting Act (''CFTRA''), also known as the Bank Secrecy Act,  the Money Laundering Control Act of 1986, and other statutes, such as the 1992 Anti-Money Laundering Act, the 1994 Money Laundering Suppression Act, and the Money Laundering and Financial Crimes Strategy Act of 1998.

Reporting monetary transactions of more than $10,000 
There is a statutory requirement of reporting certain monetary transactions. Under 31 U.S.C. § 5313, a Currency Transaction Report must be filed by banks and other financial institutions when they are involved in transactions in an amount and under circumstances defined by the Secretary of the Treasury. The Secretary of the Treasury has required each domestic financial institution to report each deposit, withdrawal, exchange of currency, or other payment or transfer of more than $10,000.

Evading the report

Section 5324 makes it unlawful to (1) cause or attempt to cause a domestic bank to fail to file a report required under section 5313(a); (2) cause or attempt to cause a domestic bank to file a report required under section 5313(a) that contains a material omission or misstatement; or (3) structure or assist in structuring of a transaction with one or more domestic banks for the purpose of evading the reporting requirements of section 5313(a).
 

Keeping records when dealing with a foreign agency

Under 31 U.S.C. 5314, a resident or citizen of the United States, or a person in, and doing business in the United States, must keep records and/or file reports when making a transaction or maintaining a relationship with a foreign agency. Transactions subject to reporting requirements include (1) checks and drafts; (2) wire or electronic fund transfers; (3) loans made by respondent financial institution to or through a foreign financial agency; and (4) commercial paper, bonds, stocks, and certificates of deposit received or shipped by respondent foreign financial institution. Accounts with domestic branches of foreign banks are exempt from the filing requirements.
 
Foreign currency transactions
Section 5315 requires the Secretary of the Treasury to promulgate regulations requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person.


Taking money across the border
Section 5316(a) provides that a person, or an agent or bailee of the person, shall file a report when the person, agent, or bailee knowingly transports, is about to transport, or has transported, monetary instruments of more than $10,000 at one time from a place in the United States to or through a place outside the United States; to a place in the United States from or through a place outside the United States; or receives monetary instruments of more than $10,000 at one time transported into the United States from or through a place outside the United States.
 
Search and Forfeiture of Monetary Instruments
 
31 U.S.C. § 5317 provides that when the Secretary of the Treasury reasonably believes that a report required under section 5316 has not been filed or contains a material omission or misstatement, section 5317(a) authorizes him to seek a search warrant from a court of competent jurisdiction. Section 5317(b) authorizes a customs official to make a warrantless stop and search at the border.
 

The person liable under Section 5317 may also forfeit the monetary instrument and any interest in property, including a bank deposit, when a report required under section 5316 has not been filed or contains a material omission or misstatement.
 

 
Laundering of Monetary Instruments
 
18 U.S.C. § 1956 prohibits the laundering of monetary instruments or funds by addressing conducting financial transactions, which involve the proceeds of specified unlawful activity and the unlawful transportation of monetary instruments and funds.

Engaging in Monetary Transactions in Property Derived From Specified Unlawful Activity
 
Section 1957 makes it illegal to knowingly engage in any monetary transaction over $10,000 when the defendant knows the property is criminally derived and the property is in fact derived from specified unlawful activity.

Enforcement of Provisions
 
Enforcement of anti-money laundering statutes may include injunctions as well as severe civil and criminal penalties. 
 
Section 5322(a) provides that a person who willfully violates a provision of this subchapter, except for sections 5315 and 5324, may be fined up to $250,000, and imprisoned for up to five years. Further, section 5322(b) states that one who willfully violates that subchapter while violating another United States law or as part of a pattern of illegal activity involving more than $100,000 in a twelve month period may be fined up to $500,000 and imprisoned for up to ten years.
 
Several federal sentencing guidelines apply to money-laundering offenses by both individual and corporate defendants. Every violation carries with it a specific point index, which corresponds to the base minimum sentence. Various factors may raise the level and entail a harsher sentence.
 
Civil and Criminal Forfeitures are also quite common in money-laundering cases.