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:
“In one notable instance, where the United States Army and a hundred years of persuasion failed, a highway has succeeded. The Seminole Indians surrendered to the Tamiami Trail. From the Everglades the remnants of this race emerged, soon after the trail was built, to set up their palm-thatched villages along the road and to hoist tribal flags as a lure to passing motorists.”
—For the State of Florida, U.S. public relief program (1935-1943)
“In most cases a favorite writer is more with us in his book than he ever could have been in the flesh; since, being a writer, he is one who has studied and perfected this particular mode of personal incarnation, very likely to the detriment of any other. I should like as a matter of curiosity to see and hear for a moment the men whose works I admire; but I should hardly expect to find further intercourse particularly profitable.”
—Charles Horton Cooley (1864–1929)