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The information these banks provide to the Treasury Department is used by the Financial Crimes Enforcement Network (Fin CEN), where it can then be sent to domestic criminal investigators, international bodies or foreign financial intelligence units.While these laws were helpful in tracking criminal activity through financial transactions, money laundering itself wasn't made illegal in the United States until 1986, with the passage of the Money Laundering Control Act.Illegally earned money needs laundering in order for criminal organization to use it effectively.Dealing in large amounts of illegal cash is inefficient and dangerous.
While not totally anonymous, these forms of currencies are increasingly being used in currency blackmailing schemes, drug trade and other criminal activities due to their anonymity compared to other forms of currency.
The criminals need a way to deposit the money in financial institutions, yet they can only do so if the money appears to come from legitimate sources.
There are three steps involved in the process of laundering money: placement, layering and integration.
Title III of the Patriot Act, called the "International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001," seeks to prevent the exploitation of the American financial system by parties suspected of terrorism, terrorist financing and money laundering.
The law imposes strict bookkeeping requirements and also authorizes the Secretary of the U. Treasury to develop regulations that encourage better communication between financial institutions with the goal of making it more difficult for money launderers to hide their identities.