Introductory BSA/AML Examiner School, Providence, RI

Money Laundering Overview

• What is money laundering?

• What are the steps that comprise money laundering?

Money Laundering

Manafort & Gates Grand Jury Indictment October 2017 MANAFORT And Wiring Of Money From Offshore Accounts Into The United States • 15. In order to use the money in the offshore nominee accounts of the entities without paying taxes on it, MANAFORT and GATES caused millions of dollars in wire transfers from these accounts to be made for goods, services, and real estate. They did not report these transfers as income to DMP, DMI, or MANAFORT. • 16. From 2008 to 2014, MANAFORT caused the following wires, totaling over $12,000,000, to be sent to the vendors listed below for personal items. MANAFORT did not pay taxes on this income, which was used to make the purchases.