Money Laundering Control Act

The Money Laundering Control Act, enacted in 1986 in the United States, aims to prevent and penalize money laundering activities. Money laundering is the process of disguising illegally obtained money as legitimate income. This act requires financial institutions to report suspicious transactions and maintain records to help detect and deter money laundering. It also imposes penalties on individuals and entities that engage in or facilitate laundering efforts. Overall, the act is crucial for maintaining the integrity of the financial system and combating organized crime and corruption.