Michael Diaz, Jr. and Javier Coronado answer 28 questions about white collar crime in the USA for The Legal 500 Country Comparative Guides.
1. What are the key financial crime offences applicable to companies and their directors and officers? (E.g. Fraud, money laundering, false accounting, tax evasion, market abuse, corruption, sanctions.) Please explain the governing laws or regulations.
The following are some of the key financial crimes prosecuted at the U.S. federal level:
a. Crimes related to money laundering and terrorist financing activities, which include domestic money laundering 18 U.S.C. § 1956(a)(1), international money laundering 18 U.S.C. § 1956(a)(2), transacting in proceeds of specified unlawful activity 18 U.S.C. § 1957(a), wilful violations of the Bank Secrecy Act (“BSA”) 31 U.S.C. §§ 5321-5322, bulk cash smuggling 31 U.S.C. § 5332, providing material support to terrorists 18 U.S.C. § 2339A, and providing material support or resources to designated foreign terrorist organizations 18 U.S.C. § 2339B.
b. Corporate fraud, including violations of the mail and wire fraud statutes 18 U.S.C. §§ 1341, 1343, securities fraud 15 U.S.C. § 78ff(a) and 15 U.S.C. § 77(x), bank fraud 18 U.S.C. § 1344, tax fraud 26 U.S.C. §§ 7201, 7206, embezzlement 18 U.S.C. § 656, and false statements in matters within the jurisdiction of the executive, legislative, or judicial branch of the U.S. Government 18 U.S.C. § 1001.
