Money Laundering Control Act (MLCA)

The Money Laundering Control Act (MLCA) is a U.S. law enacted in 1986 that aims to combat money laundering—the process of disguising illegally obtained money as legitimate funds. The law makes it illegal to engage in financial transactions involving the proceeds of criminal activities, and it requires financial institutions to report suspicious activities. The MLCA establishes penalties for those involved in money laundering and promotes cooperation among law enforcement agencies to identify and prosecute offenders. Overall, it helps maintain the integrity of the financial system by preventing the use of crime-derived funds.