8.147 Laundering Monetary Instruments (18 U.S.C. Sec. 1956(a)(1)(B)) is a federal law that prohibits the laundering of money obtained through illegal means, such as drug trafficking or fraud. It is defined as the act of concealing or disguising the source, ownership, location, or nature of illegally obtained money or funds through financial transactions. It involves the use of various financial instruments, including cash, checks, stocks, bonds, money orders, wire transfers, or other financial instruments. There are three types of 8.147 Laundering Monetary Instruments (18 U.S.C. Sec. 1956(a)(1)(B)). The first type is known as ‘structuring’ which involves breaking down large transactions into smaller ones to avoid filing a Currency Transaction Report (CTR) with the Internal Revenue Service (IRS). The second type is ‘concealment’ which is the use of false identities, false documents, or other methods to hide the ownership or source of illegally obtained funds. The third type is ‘promotion’ which involves using third parties to move money from one account to another to avoid detection.
8.147 Laundering Monetary Instruments (18 U.S.C. Sec. 1956(a)(1)(B))
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FAQ
Its companion, 18 U.S.C. 1957, prohibits depositing or spending more than $10,000 of the proceeds from a Section 1956 predicate offense. Violations of Section 1956 are punishable by imprisonment for not more than 20 years; Section 1957 carries a maximum penalty of imprisonment for 10 years.
Jury Instruction -- 18 U.S.C. 1956(a)(1)(B)(i) (i) to conceal or disguise the nature, the location, the source, the ownership, or the control of the proceeds of specified unlawful activity is guilty of an offense against the United States.
There are three stages introducing laundered funds into the financial system: Placement. Layering. Integration/extraction.
§1956. Laundering of monetary instruments. (ii) to avoid a transaction reporting requirement under State or Federal law, shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both.
§1956. Laundering of monetary instruments. (ii) to avoid a transaction reporting requirement under State or Federal law, shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both.
Section 1956 violations are punishable by imprisonment for not more than 20 years. Section 1957 carries a maximum penalty of imprisonment for 10 years. Property involved in either case is subject to confiscation.
Prosecutions under 18 U.S.C. § 1957 arise when the defendant knowingly conducts a monetary transaction in criminally derived property in an amount greater than $10,000, which is in fact proceeds of a specified unlawful activity.