Money Laundering Control Act Is it As Good As It Seems

English: Logo of Group of working out of finan...

English: Logo of Group of working out of financial measures of struggle against money-laundering (FATF) Русский: Логотип Группы разработки финансовых мер борьбы с отмыванием денег (ФАТФ) (Photo credit: Wikipedia)

In 1986 the ” Money Laundering Control Act ” came into being and was passed as a criminal act for individuals to ” profit from their actions!

This practice in all banks has been going on for many years! The fact that monies paid into bank accountshas just become a simple computerised

English: Members of the Financial Action Task ...

English: Members of the Financial Action Task Force on Money Laundering map. Français : Carte des membres du Groupe d’action financière sur le blanchiment de capitaux. (Photo credit: Wikipedia)

exercise, of transfers being received from places such as Mexico and the like! It has led us to this situation of ” money laundering” and the eventually penalties we now see being imposed on the banks.

It was not until 1986 that ” The Money Laundering Control Act ” was passed and became a criminal act, but only covered transactions that prohibited individuals engaging in acts that would were classed as unlawful. In such as to profit from their actions! 

This act left open a door that still needs closing,in that it went onto say – Moreover, a “financial transaction” has been broadly defined, and need not involve a financial institution, or even a business.By this simple few words it left open this door to the type of breaches in how money is transacted and how easily banks have been able to circumvent the system and the law!

 

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