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Money Laundering Reporting
Taxonomy Code: FN-1700.5000
Programs that accept reports of money laundering which involves the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originate from a legitimate source. Money laundering usually consists of three steps: placement, layering and integration. Placement is depositing funds in financial institutions or conversion of cash into negotiable instruments. Placement is the most difficult step. The easiest way to begin laundering large amounts of cash is to deposit them into a financial institution. However, under the federal Bank Secrecy Act of 1970, financial institutions are required to report deposits of more than $10,000 in cash made by an individual in a single day. To disguise criminal activity, launderers route cash through a "front" operation (a business such as a check-cashing service or a casino, or convert the cash into negotiable instruments (cashier's checks, money orders, or traveler's checks). Layering involves the wire transfer of funds through a series of accounts in an attempt to hide the funds' true origins, often to foreign countries with less strict banking laws such as the Cayman Islands, the Bahamas and Panama. Once deposited in a foreign bank, the funds can be moved through accounts of "shell" corporations, which exist solely for laundering purposes. The high daily volume of wire transfers makes it difficult for law enforcement agencies to trace these transactions. Integration involves the movement of layered funds, which are no longer traceable to their criminal origin, into the financial world, where they are mixed with funds of legitimate origin.
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Organized Crime Reporting (FN-1700.6450)