About: Money Laundering Control Act

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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 "financi

Attributes	Values
rdf:type	yago:Abstraction100002137 yago:CivilLaw108453464 yago:Collection107951464 yago:Group100031264 yago:Law108441203 yago:Legislation106535222 Band
rdfs:label	Money Laundering Control Act (en)
rdfs:comment	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 "financi (en)
dcterms:subject	United States federal financial legislation Anti-money laundering measures 1986 in law 99th United States Congress United States federal criminal legislation 1986 in American law
Wikipage page ID	5152996 (xsd:integer)
Wikipage revision ID	1117469993 (xsd:integer)
Link from a Wikipage to another Wikipage	United States federal financial legislation Ronald Reagan Democratic Party (United States) Anti-money laundering measures Patriot Act United States United States House Committee on Armed Services United States House Committee on Financial Services United States House Committee on Foreign Affairs United States House Committee on Natural Resources United States House Committee on Transportation and Infrastructure United States House Committee on Ways and Means 1986 in law 99th United States Congress Housing and Community Development Act of 1992 United States federal criminal legislation 1986 in American law Operation Protect Our Children United States House Committee on Oversight and Government Reform United States House Committee on the Judiciary Texas Act of Congress Jim Wright Financial transaction Money laundering Title 18 of the United States Code United States House Committee on Energy and Commerce United States House Committee on Education and the Workforce Federal crime
Link from a Wikipage to an external page	http://www.gpo.gov/fdsys/pkg/STATUTE-100/pdf/STATUTE-100-Pg3207.pdf http://www.govtrack.us/congress/votes/99-1986/h787 http://www.govtrack.us/congress/votes/99-1986/s683 https://www.law.cornell.edu/uscode/text/18/1956 https://www.law.cornell.edu/uscode/text/18/1957 http://thomas.loc.gov/cgi-bin/bdquery/z%3Fd099:HR05484:@@@R
sameAs	Money Laundering Control Act Money Laundering Control Act Money Laundering Control Act
title amended	18 (xsd:integer)
dbp:wikiPageUsesTemplate	dbt:Patriot_Act dbt:Portal dbt:Reflist dbt:USBill dbt:Usc dbt:Usstat dbt:Infobox_U.S._legislation dbt:Usc-title-chap dbt:US-fed-statute-stub
amendments	Patriot Act
cite public law	99 (xsd:integer)
cite statutes at large	aka 100 Stat. 3207-18 (en)
effective date	1986-10-27 (xsd:date)
introducedby	James C. Wright Jr. (en)
introduceddate	1986-09-08 (xsd:date)
introducedin	House (en)
passedbody	House (en) Senate (en)
passeddate	1986-09-11 (xsd:date) 1986-09-30 (xsd:date)
passedvote	97 (xsd:integer) 392 (xsd:integer)
public law url	http://www.gpo.gov/fdsys/pkg/STATUTE-100/pdf/STATUTE-100-Pg3207.pdf
shorttitle	Money Laundering Control Act (en)
signeddate	1986-10-27 (xsd:date)
signedpresident	Ronald Reagan
committees	United States House Committee on Armed Services United States House Committee on Financial Services United States House Committee on Foreign Affairs United States House Committee on Natural Resources United States House Committee on Transportation and Infrastructure United States House Committee on Ways and Means United States House Committee on Oversight and Government Reform United States House Committee on the Judiciary United States House Committee on Energy and Commerce United States House Committee on Education and the Workforce
enacted by	99 (xsd:integer)
nickname	Anti-Drug Abuse Act of 1986 (en)
has abstract	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. (en)
agreedbody	House (en) Senate (en)
agreeddate	1986-10-17 (xsd:date)
agreedvote	voice vote (en) unanimous consent (en)

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