White Collar Crime: Federal and Ohio: Money Laundering

FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY

Information sharing between government agencies and financial institutions.A law enforcement agency investigating money laundering may request that FinCEN solicit, on the investigating agency's behalf, certain information from a financial institution or a group of financial institutions. FinCEN may solicit, on its own behalf and on behalf of appropriate components of the Department of the Treasury, whether a financial institution or a group of financial institutions maintains or has maintained accounts for, or has engaged in transactions with, any specified individual, entity, or organization.

Gives US Postal Service Inspection Service Authority the power to serve subpoenas, execute warrants and make arrests in money laundering, identity theft and mail fraud cases.

2023

Publisher's Weekly - the fall of Z library 11/17/22. Defendants are charged with criminal copyright infringement, wire fraud and money laundering.

CNN 9/8/22

NPR 11/8/21

International Consortium of Investigative Journalists 9/20/20

Radio Free Europe 6/4/20

NBC News 10/23/19

Wire fraud, tax fraud, money laundering are the charges as of 12/4/2018 in the US Attorney's Office for the Southern District of New York.

Bloomberg 1/29/19

1/2021 Act contains several additions to the money laundering laws, including the Corporate Transparency Act, as well as other cybersecurity additions.

Civil forfeiture is a remedy that the US government can pursue against money launderers. 981(a)(1)(A) subjects to civil forfeiture any property involved in a transaction or attempted transaction in violation of 18 USC 1956 or 1957, or any property traceable to such property.

Engaging in monetary transactions in property derived from specified unlawful activity. The court may impose a fine of not more than twice the amount of the criminally derived property involved in the transaction.

The purpose of money laundering is partly to avoid paying taxes.

The Bank Secrecy Ac requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Bank customers can also be guilty of violating these sections.

The Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.

Search and forfeiture of monetary instruments

Structuring transactions to evade reporting requirement prohibited.

Beneficial ownership information reporting requirements to FinCen. (Corporate Transparency Act of 2024).

US Dist Court of Alabama said Corporate Transparency Act is unconstitutional. The US Government has appealed.

Transaction reporting, money laundering definitions.

Requirements on banks to report transactions

Ohio Attorney General has power to conduct investigations.

Additional prohibited activities.

Penalty.

Corrupt activity definitions.

Money Laundering is a designated offense for which law enforcement can apply for a wiretapping warrant.

3/19

12/23/20

CNBC 12/15/20

2/20/18

2/16/18

Special Counsel Mueller's indictment of 2/16/18 of the Russian Internet Research Agency for conspiracy to defraud the US Government by meddling in the 2016 presidential election.
Indictment serves notice that forfeiture will sought as a part of any sentence.

Mr. Papadopoulos admitted that in a January interview with the F.B.I., he lied about his contacts with a Russian professor, whom he knew to have “substantial connections to Russian government officials,” according to court documents. Mr. Papadopoulos told the authorities that the conversation occurred before he became an adviser to Mr. Trump’s campaign. In fact, he met the professor days after joining the campaign. He pled guilty to violating 18 USC Sec. 1001. 10/30/17

CNN 8/21/18 - including bank fraud and tax fraud.

The transcript.

Politico 9/5/2019

Bijan Rafiekian,was convicted of failing to register as a foreign agent.

CRS Report 10/9/19

8/2020

CNN 12/23/20

CNN 7/13/21 Stephen Calk, the former chairman and CEO of The Federal Savings Bank, was found guilty of conspiring with onetime Donald Trump campaign chairman Paul Manafort to exchange risky bank loans for a high-ranking position in the presidential administration.

Justice Dept press release 9/20/21

MSNBC 9/19/21 Has a good discussion of the elements of the crime of making a false statement to the FBI.

Michael Sussman found not guilty of lying 6/1/22

NBC News 10/18/22

Part of the US Dept. of the Treasury. Its mission is to safeguard the financial system from illicit use and combat money laundering. 18 USC 1956 gives a Federal Receiver standing equivalent to that of a Federal prosecutor for the purpose of submitting requests to obtain information regarding the assets of the defendant from the Financial Crimes Enforcement Network.

From FinCen - The Customer Due Diligence Rule has been enforced since May 2018.

from Investopedia

Stefan D. Cassella, Asset Forfeiture Law, LLC

National Law Review 10/28/21

What ethical obligations do attorneys have to prevent money laundering?

The Organized Crime and Corruption Project

Postal Inspectors are federal law enforcement officers. The 1,280 Inspectors enforce roughly 200 federal laws covering crimes money laundering, mail fraud and identity theft.