What is the Money Laundering Control Act?

The Money Laundering Control Act is a federal law that was enacted in 1986 to help prevent and control money laundering. Money laundering is the process of concealing or disguising the source of illegally obtained money. In Alaska, the Money Laundering Control Act is implemented by the Alaska Department of Law. The Money Laundering Control Act targets three main activities: (1) the concealment of illegally-obtained proceeds; (2) the involvement in a financial transaction that is designed to conceal the source of the proceeds; and (3) the funding of illegal activities. Under this act, it is illegal to conduct or attempt to conduct a financial transaction involving criminally-derived funds. The act also requires financial institutions to report suspicious activity and maintain records of certain transactions. Violations of this act are punishable in Alaska by imprisonment and/or a fine. This law is an important tool in combating financial crimes and helping to ensure that money obtained through illegal activities is not used to fund further criminal activity. Financial institutions must take steps to detect and report suspicious activity in order to comply with the Money Laundering Control Act.

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What is the Money Laundering Control Act?

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