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A Look Back: What Are Title 31 Laws?
27 de jul. de 2023 ·
22m 30s
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Descripción
Title 31 refers to a section of the United States Code, which contains various federal laws related to money and finance. These laws primarily deal with regulating and governing financial...
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Title 31 refers to a section of the United States Code, which contains various federal laws related to money and finance. These laws primarily deal with regulating and governing financial institutions, transactions, and reporting requirements to combat financial crimes and ensure the integrity of the U.S. financial system. Here's a summary of some key aspects covered under Title 31 laws:
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To contact me:
bobbycapucci@protonmail.com
source:
https://lawandcrime.com/high-profile/brutal-rebuke-of-deutsche-bank-raises-serious-questions-about-one-of-jeffrey-epsteins-lawyers/
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- Anti-Money Laundering (AML): Title 31 contains provisions to prevent money laundering, which is the process of concealing the origins of illegally obtained funds to make them appear legitimate. It requires financial institutions, such as banks and other businesses, to establish robust AML programs, conduct customer due diligence, and report suspicious transactions to the appropriate authorities.
- Bank Secrecy Act (BSA): The BSA is a critical component of Title 31, requiring financial institutions to maintain records of certain transactions and report large cash transactions and suspicious activities to the Financial Crimes Enforcement Network (FinCEN). These reports help law enforcement agencies track potential illegal activities.
- Currency and Foreign Transactions Reporting Act: This law, often referred to as the "Foreign Bank Account Reporting (FBAR)" requirement, mandates that U.S. citizens and residents report their foreign financial accounts to the Internal Revenue Service (IRS) if the aggregate value exceeds a certain threshold.
- USA PATRIOT Act: Title 31 laws were significantly expanded under the USA PATRIOT Act after the September 11, 2001 terrorist attacks. The Act aims to enhance national security by bolstering AML and counter-terrorism financing efforts.
- Office of Foreign Assets Control (OFAC) Regulations: Title 31 includes provisions related to economic sanctions administered by the OFAC. These regulations prohibit transactions and dealings with individuals, entities, and countries subject to sanctions by the U.S. government.
- Structuring and Smurfing Laws: Title 31 addresses structuring, which involves breaking up large cash deposits or withdrawals into smaller, less conspicuous amounts to evade reporting requirements. Smurfing refers to the practice of using multiple individuals to conduct transactions to avoid detection. These practices are illegal under Title 31.
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To contact me:
bobbycapucci@protonmail.com
source:
https://lawandcrime.com/high-profile/brutal-rebuke-of-deutsche-bank-raises-serious-questions-about-one-of-jeffrey-epsteins-lawyers/
Información
| Autor | Bobby Capucci |
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