TOL BRIEF: What does MONEY LAUNDERING actually mean?
with Prof. William Simon of Columbia Law School
For the full interview visit https://www.talksonlaw.com/
TalkOnLaw --- @ the Cutting Edge of Law
What is money laundering?
How is it regulated?
I'm Bill Simon from Columbia Law School and I am going to explain money laundering and particularly its regulation in the United-States. There are many U.S. laws that prohibit activities connected to money laundering. Maybe the most important of these are the Anti-Money Laundering provisions that criminalize behavior that involves two basic elements. First of all, conducting a transaction that is intended to obscure the ownership or the source of the assets. Then the second element of this crime is the knowledge of the person who conducts the transaction that the assets were derived from illegal activity.
So someone starts out with assets that are either the proceeds of criminal activity or intended to s...