4 ms·
Google the law around "liquid assets" (assets which are easily convertible to money without loss of value). Money laundering laws have been around a long time
by ig1 13y ago
Google the law around "liquid assets" (assets which are easily convertible to money without loss of value).
Money laundering laws have been around a long time and tend to be written to encompass a wide range of work arounds that criminals have used historically. Using near money or liquid assets for money laundering has been commonplace for decades, hence laws tend to be designed to handle it.
(that said I'm much more familiar with EU anti-money laundering laws than US ones as I used to work in currency trading in London)
- chasb 13y agoEven moreso: After 9/11, the DC Circuit and the 4th Circuit (where Maryland is) broadened the intent requirements for 18 USC 1960 to general intent, meaning a defendant doesn't have to know they're breaking the law, just that they're transferring funds. As a result, the statute is basically a sledgehammer for anything related to value transfer, broadly defined. http://blj.ucdavis.edu/archives/vol-8-no-1/One-hour-Money-Laundering.html http://blj.ucdavis.edu/archives/vol-8-no-1/One-hour-Money-La...
- joshuak 13y agoAgreed, but I was discussing their answers on the business description. If one must account for all uses of their products for money laundering, then we might as well simply all say that we are money transmitters in all businesses. Which would make that question on the form somewhat superfluous. But if the form question is not considered superfluous, then indeed it is asking the business owner what the proper intended purpose of the businesses is, not the unintended/illegal purposes.