Money Laundering — Elements of the Offense (18 U.S.C. Sec.1956(a)(1)) (revised 2017) is a federal law that prohibits the intentional and knowing conduct of financial transactions that involve the proceeds of certain specified unlawful activities, with the intent to either promote or conceal the proceeds of the crime. Money laundering is a three-step process that involves the placement, layering, and integration of the proceeds of specified unlawful activity. The three elements of Money Laundering — Elements of the Offense (18 U.S.C. Sec.1956(a)(1)) (revised 2017) are: 1. Placement: The first step in the process of laundering money is to place the proceeds of the specified unlawful activity into a financial system (such as a bank or other financial institution). 2. Layering: The second step is to use the proceeds of the specified unlawful activity to purchase additional investments or assets, which are then moved or layered amongst various financial institutions or accounts, to conceal the source and ownership of the funds. 3. Integration: The final step is to use the layered funds to purchase assets that are integrated into the legitimate financial system. This process is designed to conceal the source and ownership of the funds. There are two types of Money Laundering — Elements of the Offense (18 U.S.C. Sec.1956(a)(1)) (revised 2017). The first type is known as the “transactional” money laundering offense, which involves the use of the proceeds of the specified unlawful activity to promote or further the offense. The second type is known as the “structuring” money laundering offense, which involves the structuring of financial transactions to evade reporting requirements.
Money Laundering - Elements of the Offense (18 U.S.C. Sec.1956(a)(1)) (revised 2017)
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FAQ
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.
§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.
The most significant difference from § 1956 prosecutions is the intent requirement. Under § 1957, the four intents have been replaced with a $10,000 threshold amount for each non-aggregated transaction and the requirement that a financial institution be involved in the transaction.
Laundering money typically consists of three steps: placement, layering, and integration. Placement sneakily introduces ?dirty money? into the legitimate financial system. Through a series of transactions and bookkeeping tricks, layering conceals the source of the money.
Whoever, in any of the circumstances set forth in subsection (d), knowingly engages or attempts to engage in a monetary transaction in criminally derived property of a value greater than $10,000 and is derived from specified unlawful activity, shall be punished as provided in subsection (b).
Conducts or attempts to conduct a financial transaction involving property represented to be the proceeds of specified unlawful activity, or property used to conduct or facilitate specified unlawful activity, shall be fined under this title or imprisoned for not more than 20 years, or both.
Specified unlawful activities include over 250 crimes in six categories: (1) most RICO predicate offenses; (2) certain offenses against foreign nations; (3) acts constituting a criminal enterprise under the Controlled Substances Act; (4) miscellaneous offenses against persons and property; (5) federal health care