MLCA meaning in Governmental ?

tuteeHUB earn credit +10 pts

Answer:

What is Money Laundering Control Act mean?

The Money Laundering Control Act of 1986 (Public Law 99-570) is a United States Act of Congress that made money laundering, a federal crime. It was passed in 1986. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It for the first time in the United States criminalized money laundering. Section 1956 prohibits individuals from engaging in a financial transaction with proceeds that were generated from certain specific crimes, known as "specified unlawful activities" (SUAs). Additionally, the law requires that an individual specifically intend in making the transaction to conceal the source, ownership or control of the funds. There is no minimum threshold of money, nor is there the requirement that the transaction succeed in actually disguising the money. Moreover, a "financial transaction" has been broadly defined, and need not involve a financial institution, or even a business. Merely passing money from one person to another, so long as it is done with the intent to disguise the source, ownership, location or control of the money, has been deemed a financial transaction under the law. Section 1957 prohibits spending in excess of $10,000 derived from an SUA, regardless of whether the individual wishes to disguise it. This carries a lesser penalty than money laundering, and unlike the money laundering statute, requires that the money pass through a financial institution.

reference

Report

Posted on 16 Nov 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

Take Quiz To Earn Credits!

Turn Your Knowledge into Earnings.

tuteehub_quiz

Write Your Comments or Explanations to Help Others



webstory list tuteehub
Miscellaneous in Governmental
webstory list tuteehub
Miscellaneous in Governmental


Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.

Important Governmental Links

open app imageOPEN APP