News

Proposed legislation designed to streamline the prosecution of money laundering cases and allow prosecutors to seek penalties for some foreign crimes overextends the reach of law enforcement, according to banking compliance and criminal lawyers. The bill, introduced in the U.S. Senate last month by Iowa Republican Chuck Grassley, expands a list of crimes used to establish the basis for a money laundering case to include all federal and state offenses punishable by imprisonment for more than one year. The current list of such offenses, known as specified unlawful activities, numbers more than 200 and includes counterfeiting, mail fraud, and terrorism....