Re:Liberty Reserve Founder Arrested, Site Shuttered
by __--__ on Sunday May 26, 2013 @02:50PM
(#5772030)
You, sir, fail at reading comprehension. You even quote the relevant phrase:
>"Money laundering" is a very recent crime
Sure, it's been around for a long time, but only in the last 40 years has it been illegal in the US. I'd like to see how many of these criminal organizations have been taken down by money laundering laws as opposed to tax fraud or something else. You can be sure that, even though it's illegal, most criminals are still able to launder their money.
You seriously think there was no money laundering going on in the 1970's??
The Bank Secrecy Act of 1970 actually sought to combat money laundering by the Mafia and the early cocaine cartels (didn't you ever see Scarface?). Although many banks didn't abide by these laws, there were subsequent laws to combat money laundering such as:
Money Laundering Control Act (1986) Anti-Drug Abuse Act (1988) Annunzio-Wylie Anti-Money Laundering Act (1992)
The Money Secrecy Act has actually been amended several times and is now part of the patriot act:
http://en.wikipedia.org/wiki/Bank_Secrecy_Act
Money laundering is almost as old as prostitution.