Notable Cases
this section needs to be expanded
In 1998, the Supreme Court ruled in United States v. Bajakajian that the government may not confiscate any money from an individual for failure to report it on a CMIR, as such punishment would be "grossly disproportional to the gravity of offense" and thus unconstitutional under the Excessive Fines clause of the Eighth Amendment.
In 2011 the Observer reported that Wachovia, at one time a major US bank, was implicated in laundering money for Mexican drug lords, through its lax laundering controls, a violation of the Bank Secrecy Act. It moved money in and out of casas de cambio without proper due diligence.
Read more about this topic: Bank Secrecy Act
Famous quotes containing the words notable and/or cases:
“Every notable advance in technique or organization has to be paid for, and in most cases the debit is more or less equivalent to the credit. Except of course when it’s more than equivalent, as it has been with universal education, for example, or wireless, or these damned aeroplanes. In which case, of course, your progress is a step backwards and downwards.”
—Aldous Huxley (1894–1963)
“The world men inhabit ... is rather bleak. It is a world full of doubt and confusion, where vulnerability must be hidden, not shared; where competition, not co-operation, is the order of the day; where men sacrifice the possibility of knowing their own children and sharing in their upbringing, for the sake of a job they may have chosen by chance, which may not suit them and which in many cases dominates their lives to the exclusion of much else.”
—Anna Ford (b. 1943)