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Money Laundering & Bank Secrecy Act (BSA) - Criminal Investigation (CI)

Overview
What is money laundering and why is IRS involved in money laundering investigations?

History
In 1970, Congress passed the Bank Secrecy Act (BSA) requiring the filing of currency transaction reports. These reports create a money trail followed by Criminal Investigation to track untaxed dollars and the millions of dollars being laundered through U.S. banks.

U.S. Money Laundering Threat Assessment (MLTA)
On January 11, 2006, the Treasury Department and its partner agencies announced the release of the U.S. Money Laundering Threat Assessment (MLTA). The MLTA is the first government-wide analysis of money laundering trends and vulnerabilities in the United States.  Its purpose is to inform the law enforcement community, policy makers, and regulators in their efforts to combat money laundering strategically.

2007 National Money Laundering Strategy
The U.S. Departments of Treasury, Justice, and Homeland Security joined together in issuing the 2007 National Money Laundering Strategy, a report detailing continued efforts to dismantle money laundering and terrorist financing networks and bring these criminals to justice.

Statistical Data
Criminal Investigation statistics include cases initiated, prosecutions recommended, indictments, sentenced investigation and average months to serve in prison.  This section also includes statistical data on the Bank Secrecy Act (BSA) investigations.

Federal Statutes
Since the passing of Title 31, USC Section 5331in 2001, dual reporting of information will now be made to both the IRS and the Treasury Department's Financial Crimes Enforcement Network (FinCEN.)

Examples of Money Laundering Investigations
Examples are written from public record documents filed in the district courts where the case was prosecuted.

 


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Page Last Reviewed or Updated: 16-Oct-2014