Strengthening the Fight Against Money Laundering, Terrorist Financing, and Counterfeiting.
This Act significantly tightens penalties and broadens the definitions of crimes related to money laundering, cash smuggling, and counterfeiting. It introduces new tools for law enforcement, making it easier to prosecute complex financial schemes, including those using informal money transfer systems. Citizens using money transfer services may experience increased scrutiny and regulations aimed at preventing criminal exploitation of these systems.
Key points
Penalties for bulk cash smuggling doubled to 10 years imprisonment, with increased fines for aggravated violations.
Easier prosecution of money laundering by aggregating small, related transactions (over $10,000) and including commingled criminal funds.
Stricter rules for illegal money services businesses (e.g., Hawalas), even if operating without knowledge of licensing requirements.
Expands Secret Service authority to investigate money laundering, regardless of whether the financial institution is federally insured.
Status:
Expired
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