Money Laundering In The United States
Money laundering is the process by which someone exploits income, conceals it and makes it appear legal. People generally launder money for personal and financial gain generally without leaving incriminating evidence nor traces of the funds behind. Criminals often seek out sources and opportunities in order to launder funds with limited to no detection. For example, a criminals can now wire funds from one account to another by using his personal computer or smart phone. The advancement of technology has allowed law enforcement personnel to ping IP Addresses in order to identify criminals but this source is very limited. Officers can identify, catalog and monitor complaints from victims in order to develop trends which can generate suspect profiles
in order to apprehend suspects. Law enforcement has begun to combat money laundering through detection, investigations and by increasing mandatory sentences for offenders (white collar crimes).
Money laundering normally gives birth to crimes that pose a greater threat on the community such as drug trafficking, racketeering and embezzlement. I believe the Strasbourg Convention is important because it requires members to adopt laws which criminalizes laundering of proceeds from any serious crimes. The Financial Action Task Force allowed the criminalization of laundering that was derived from serious crimes while generating methods to track customer’s financial records (generated annual reports that were evaluated for suspicious activity). In order to combat money laundering law enforcement personnel must obtain evidence (paper trail) that a crime was committed, identify suspects and use techniques to deter future offenders.
in order to apprehend suspects. Law enforcement has begun to combat money laundering through detection, investigations and by increasing mandatory sentences for offenders (white collar crimes).
Money laundering normally gives birth to crimes that pose a greater threat on the community such as drug trafficking, racketeering and embezzlement. I believe the Strasbourg Convention is important because it requires members to adopt laws which criminalizes laundering of proceeds from any serious crimes. The Financial Action Task Force allowed the criminalization of laundering that was derived from serious crimes while generating methods to track customer’s financial records (generated annual reports that were evaluated for suspicious activity). In order to combat money laundering law enforcement personnel must obtain evidence (paper trail) that a crime was committed, identify suspects and use techniques to deter future offenders.