NCJ Number
128250
Date Published
1990
Length
110 pages
Annotation
This report details existing New York State and Federal laws on the topic of money laundering, highlights relevant laws in other states, describes the role of regulatory agencies and industry itself in combating the problem, and sets forth recommendations for legislative action in New York.
Abstract
Money laundering is a particular concern in New York State for three reasons: (1) the extent of the drug trade; (2) New York's position as the financial capital of the world; and (3) the increasing amount of drugs and currency that are being smuggled over the New York-Canadian border. One area that most concerns state officials is the existence and operation of numerous unlicensed money transmitters. Some proposals made to improve New York's efforts to stem the problem of money laundering are stronger penalties for the crime of illegally transmitting money without the required license; establishment of a Criminal Investigations Bureau in the State Banking Department to enable utilization of law enforcement intelligence information; and improvement of cooperation between government agencies and financial institutions. 58 references