2021 AND BEYOND
TRANSPARENCY AND ECONOMIC SANCTIONS
The 2020 Anti-Money Laundering Act was passed in 2021 – and , to date , is the most radical overhaul of the US financial regulatory space since the Patriot Act in 2001 . Called the Corporate Transparency Act , the legislation makes it much more difficult for black market criminals to utilise shell companies as a cover for illegal money laundering activities .
1974 1980S
WATERGATE DRUG TRAFFICKING AND TERRORISM
According to reports , The Supreme Court in the US supported the Bank Secrecy Act by upholding its constitutionality .
The term ‘ money laundering ’ then became widespread and well-known in light of the Watergate scandal .
As drug trafficking rose significantly in the 1980s , further measures were put into place . These were expanded upon in the 1990s as financial monitoring technology became more advanced and adept at recognising illicit deals . In 1989 , money laundering gained greater global recognition as terrorism escalated .