What is the Money Laundering Control Act?

The Money Laundering Control Act is a federal law passed by Congress in 1986. It makes it illegal to knowingly conduct financial transactions with the proceeds of certain crimes or to use money from those proceeds to do business or purchase something. It also places heavy penalties on individuals or businesses that are found to be engaged in money laundering. The purpose of this law is to try and stop people from hiding money from criminal activities, such as drug trafficking and terrorism. In Oklahoma, the Money Laundering Control Act is enforced by the state’s Financial Institutions Division and the Attorney General’s Office. Banks and other financial institutions must report any transactions that could be suspicious or considered money laundering. If a violation has occurred, the financial institution must file a Suspicious Activity Report with the Financial Institutions Division. An individual found guilty of violating the Money Laundering Control Act may face up to 20 years in prison and can be fined anywhere from $500,000 to $2 million. It is also possible to be charged with tax evasion and other financial crimes, in addition to money laundering. Knowing and/or willful violations of the Money Laundering Control Act can also carry a prison sentence of up to 30 years in prison and a fine of up to $1 million.

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What is the Money Laundering Control Act?

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