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New Federal Money Laundering Law Expands Prosecutions
The new federal drug and money laundering bill signed by President Reagan makes it illegal to use banks to conceal illegal proceeds, with up to 20 years in prison and a $500,000 fine. The law targets both criminals and insiders and adds a Treasury rule requiring banks to track cash transactions above $3,000 to curb smurfing and improve reporting.
MENTIONED IN THIS ARTICLE
Washington
Reagan
Boston
Brian M. Bruh
Internal Revenue Service
James Knapp
U.S
Knapp
Treasury Department