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2009

US Supreme Court

Journal Articles

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Does "Proceeds" Really Mean "Net Profits"? The Supreme Court's Efforts To Diminish The Utility Of The Federal Money Laundering Statute, Jimmy Gurule Jan 2009

Does "Proceeds" Really Mean "Net Profits"? The Supreme Court's Efforts To Diminish The Utility Of The Federal Money Laundering Statute, Jimmy Gurule

Journal Articles

The Supreme Court’s decision in United States v. Santos is severely hampers the fight against drug traffickers, terrorists, mobsters and white collar criminals. It restricts the scope of the money laundering statute, defining the term “proceeds” in it as net profits, not gross receipts from unlawful activity. This imposes an unreasonable and unwarranted burden on prosecutors to prove net criminal profits, money acquired beyond the defendant’s overhead expenses from unlawful activities. The court’s holding also restricts other provisions of the money laundering statute, such as the concealment theory of money laundering, and it creates confusion over whether the Court’s restrictive …