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Money Laundering – Legality Vs Risks

  • January 14, 2021

In the United States, the Financial Crimes Enforcement Division was created under the Homeland Security Act of 2021 to coordinate and promote information sharing among government agencies concerning money laundering. Any financial institution that fails to get money laundering information from the government within a reasonable time period is required to inform the Department of Justice. Failure to comply can result in penalties or charges. Money laundering does not only affect multinational corporations, but even small banks and even individual residents that do money laundering on a small scale.

Money Laundering

In essence, money laundering is the act of funding any transaction that involves the concealment of one or more of your financial assets. Simply put, this means that a financial institution must assess the potential risks involved in certain illicit activities (including terrorist financing and money laundering) so that they can fairly allocate corresponding financial resources… To put it simply, if you go into business with a friend, you will both have to share the financial risks that may arise from conducting your business relationship. The risks inherent in money laundering/ Terrorism are very real and present significant dangers to innocent parties and institutions alike. It is very important that law enforcement agencies and prosecutors around the world work closely with each other to bring individuals and organizations that engage in this act to justice. For those interested in following this topic on a more personal level, you may want to read the article: Laundering Risk: Protect Yourself and Your Loved Ones.

Risk Vs Gain

If you have been a victim of illicit activity or if you suspect you may have been a victim, you should contact a qualified fraud attorney immediately. A qualified fraud attorney can provide you with the comprehensive information needed to take action against a suspect involved in illicit financial transactions. An attorney can provide you with advice on whether you should go after the suspected illicit activity directly through the police or whether you should instead look to protect yourself by working with a private investigator to conduct a private investigation of possible illicit activity. Private investigators will utilize documents, bank statements, phone records, and other data in investigating your case. In many cases, private investigators will obtain testimony under oath from a person who is a key witness in your case.

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