The Nation - News from Aug. 1, 1986
The Senate Judiciary Committee, voting to crack down on money laundering, approved legislation that would provide fines of $250,000 and prison terms up to 20 years for the offense. Similar legislation designed to stop persons from disguising illegally gained money through financial transactions, is pending in the House. The Senate bill would protect banks that expose money launderers and allow banks, in certain cases, not to tell depositors if their accounts are being checked for possible violations by federal agents.
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