Untitled Prezi by jacob Battoe on Prezi first stage of money laundering

Untitled Prezi by jacob Battoe on Prezi first stage of money laundering

Laws against money laundering and insider trading money laundering insider trading history laws credits laws laws cont. History money laundering insider trading brief explanation money laundering is the act of dispersing illegally attained funds through transfers, deposits, or spending the funds. The process of trading on the stock market

While having access to confidential information.

Can be illegal or legal depending on situation and the time the trade is made. If the material accessed is nonpublic, then the trading is illegal. Before 1970, banks had nearly no way of knowing

Where people’s money came from.

It was difficult to track stolen funds if they were deposited into an account.

No tracking or standardized financial records. Bank secrecy act, 1970: required documentation of all transactions between individuals and companies with the bank.

Also established the currency transaction report for all transactions over $10,000.First stage of money laundering

Money laundering control act, 1986: turned money laundering into a federal crime and further supported the BSA.

Annunzio- wylie anti- money laundering act, 1992: strengthened the sanctions brought on by the BSA and required further verification of individuals inwire transfers. Money laundering suppression act, 1994: set new standards for banks in training employees and required each money services business to be registered.

Money laundering and financial crimes strategy act , 1998: created task forces to deal with money laundering and required the government to create a major financial crime readiness plan.

Various counter-terrorism acts also have clauses related to financial crimes. Before the stock market crash of 1929, insider trading was unregulated which was a contributing factor to the crash. Because insider trading is not completely illegal, there are no laws against it.First stage of money laundering there are regulations made by the SEC. Mainly these regulations make sure the traders do not knowingly make any stock exchanges using nonpublic knowledge. Www.Sec.Gov

Www. Wikipedia.Com


Finance.Gov full transcript

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