> In 1986, under Ronald Reagan, the Anti-Drug Abuse Act was passed. [...] The act also created the first laws against money laundering or moving illegally obtained money (such as drug sale proceeds) into or out of bank accounts.
The Bank Secrecy Act was enacted in 1970. Money laundering had already been on the books. Reagan’s drug law widened the scope and increased the record-keeping and reporting requirements. I think Nixon is the one who has the distinction of enacting the “first” AML law.
The Bank Secrecy Act was enacted in 1970. Money laundering had already been on the books. Reagan’s drug law widened the scope and increased the record-keeping and reporting requirements. I think Nixon is the one who has the distinction of enacting the “first” AML law.