NCJ Number
105081
Date Published
1986
Length
0 pages
Annotation
Designed for bank tellers and managers, this videotape explains how money laundering schemes operate, reviews currency reporting provisions of the Bank Secrecy Act, and identifies customer and account transactions that might indicate suspicious activity.
Abstract
The videotape first defines money laundering and paper trails, emphasizing that narcotics dealers must construct false paper trails that portray them as honest businessmen. Elements of both simple and complex laundering operations are outlined. Because smuggling money out of the country is the weak link in these schemes, the Bank Secrecy Act and subsequent legislation requires financial institutions to file reports of transactions involving large amounts of currency. The videotape discusses methods used to circumvent reporting requirements, such as bribing or threatening tellers or purchasing banks outright for laundering purposes. It explains how major narcotics dealers establish national networks of couriers to launder money by making deposits under $10,000 in numerous banks and their branches. Indicators of such systems are detailed. Also covered is launderers' use of cash businesses such as restaurants and nonbank financial institutions. The videotape emphasizes that financial employees are the first line of defense against money laundering because they are responsible for filing currency reports.