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)) 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.
