Anti-Money Laundering Legislation and White-Collar Defense
The IRS claims investigation for money laundering began in 1919, but a major enforcement problem was finding a proper paper trail suitable as evidence. It took until 1970 when Congress passed the Bank Secrecy Act ("BSA") to create the trail necessary to track untaxed money passing through banks and other financial institutions.
Recent expansions of money laundering legislation, however, occurred with the passage of the PATRIOT Act in 2001 and under the Intelligence Reform and Terrorist Prevention Act of 2004. These Acts are aimed at stifling terrorism's funding, but their impact has been felt on a local level as well.
The government's power has never been broader, and the result has been more white-collar prosecutions for money laundering and other money related crimes, such as fraud or embezzlement. However, many legitimate business transactions are caught in the crosshairs as the government cracks down on financing terrorism.
Seek Professional Legal Help
It is important to speak with a qualified criminal defense attorney immediately if you have been charged with money laundering or another white-collar crime. These charges carry stiff penalties, so discussing your rights and potential defenses with an experienced white-collar criminal defense attorney is an invaluable step in protecting your rights.
