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Bank Secrecy Act and Anti-Money Laundering
What is Money Laundering?
Money Laundering involves transactions intended to disguise the true source of funds; disguise the ultimate disposition of the funds; eliminate any audit trail and make it appear as though the funds came through legitimate sources; and evade income taxes.
Money laundering erodes the integrity of a nationís financial system by reducing tax revenues through underground economies, restricting fair competition with legitimate businesses, and disrupting economic development. Ultimately, laundered money flows into global financial systems where it could undermine national economies and currencies. Thus, money laundering is not only a law enforcement problem, but poses a serious national and international security threat as well.
|Last Updated 07/08/2004||Supervision@fdic.gov|