Anti-Money Laundering Risks for Global Companies
Anti-Money Laundering Risks for Global Companies (Part I of III) BY MICHAEL VOLKOV · NOVEMBER 27, 2017 Non-financial institution companies operating in the global marketplace face ever-increasing risks of money laundering. Sophisticated criminal organizations have developed their own mechanisms and strategies to skirt money laundering rules and regulations. The Justice Department has targeted transnational organized crime for investigation and prosecution. As a consequence, non-financial institutions have to examine their policies and procedures to protect against handling proceeds of criminal activity or otherwise facilitating money-laundering operations. Money Laundering Statutes The complex set of money laundering statutes and regulations apply to “financial institutions,” as defined under Title 31 of the United States Code. However, non-financial institutions are subject to two basic AML criminal statutes, 18 United States Code Sections 1956 and 1957. Th...