NCJ Number
96930
Date Published
1984
Length
42 pages
Annotation
This report of Florida's Study Commission on Money Laundering discusses the scope of the money laundering problem and presents summaries of testimony and proposals presented to the commission, as well as commission recommendations.
Abstract
The commission recommends repeal of the Alien Corporation Registration Act in conjunction with passage of the proposed legislation. The first bill proposed would authorize the Department of Legal Affairs, with court approval, to file a RICO (Racketeer Influenced and Corrupt Organizations Act) lien against real property used in the course of racketeering. The lien would prevent dissipation of actual ownership of the asset in question. The second proposal would authorize a confidential subpoena in which a person or entity subpoenaed under the RICO Act could not disclose the existence of the subpoena to another person or entity for 90 days. The legislation also requires each corporation, foreign corporation, or alien business organization owning real property or transacting business in Florida to have a registered agent. A $500 penalty for failure to maintain a registered agent and a $1,000-a-day noncompliance penalty are included. Some businesses, such as financial institutions, companies registered with the Securities and Exchange Commission, and certain publicly-traded companies, are exempted. A summary of testimony from representatives of law enforcement agencies, financial institutions, and government is provided. Also included are a flow chart on money laundering, an executive summary of the report, and biographies of commission members.