« iepriekšējāTurpināt »
Although there are additional provisions concerning the Right to Financial Privacy Act that I can discuss, I think that it might be appropriate to conclude my remarks at this point. I will be happy to answer any questions that the Subcommittee
members may have.
ARIZONA MONEY LAUNDERING STATUTE
13-2317. Money laundering; classifications; definitions
A person who acquires or maintains an interest in, transfers,
transports, receives or conceals the existence or nature of racketeering proceeds
knowing or having reason to know that they are the proceeds of an offense is
guilty of money laundering in the second degree.
A person who knowingly initiates, organizes, plans, finances, directs,
manages, supervises or is la the business of money laundering is guilty of money
laundering in the first degree.
C. Money laundering in the second degree is a Class 3 felony. Money laun
dering in the first degree is a Class 2 felony.
In this section, "acquire" and "proceeds" have the same meaning as pre
scribed in section 13-2314.
REGULATION AND INSURANCE
MAY 14, 1986
My name is Samuel J. Buffone.
I am a practicing criminal
defense attorney and offer this testimony on behalf of the
American Bar Association.
in December of 1984 the white collar Crime Committee of the
ABA set up a subcommittee to study the problem of noney
laundering and proposed legislation designed to combat it. The Committee consists of 58 members of the ABA'S Section of Criminal Justice, including defense lawyers, prosecutors, law professors and judges, at both state and federal levels. The
Subcommittee was chaired by Bernard Bailor, a partner in the
Washington, D.C. firm of Caplin & Drysdale.
Following an extensive study a report was prepared and
adopted by the Council of the Criminal Justice Section on
December 7, 1985.
The report and recommendations included with
my testimony were presented to the ABA'S House of Delegates in
The House of Delegates adopted the
The report of the Criminal Justice Section
was not adopted by the House of Delegates but is provided to
the Committee as background.
I have also included with my
testimony comments of the ABA section on Corporation Banking
and Business Law on portions of the recommendations and report.
The American Bar Association recognizes the pervasive
nature of money laundering activities and the importance of combatting them. Our recommendations support the enactment of federal legislation which will assist federal law enforcenent agencies in combatting money laundering. While we believe that it is important to provide effective tools to combat noney laundering. our review of proposed legislation has led us to
the conclusion that the proposals go much farther than is
necessary to provide an effective means to combat this
problem. The breadth of many provisions of the proposed legislation create significant problems and do not in our view
provide the most effective means for combatting money
The ABA believes that the most effective way to combat money laundering is to enact legislation that facilitates its detection. The available studies including the interim report of the President's Commission on Organized crime, ent tled The
Organized Crime Financial Institutions and
Money Laundering, reveals that detection of money laundering is
a far more significant problem than prosecuting the responsible
parties after it is discovered. This follows from the inherently clandestine nature of money laundering. cecommend that legislation be geared to facilitating detection of such transactions and be specifically aimed at the following steps which appear in virtually every major money laundering
Failure to comply with the Bank Secrecy Act Reporting
Use of multiple transactions to avoid reporting
conducting transactions with individuals in
We recommend the following specific steps be taken:
ter notification to law enforcement agencies of possible