Money Laundering Act of 1985

[AI summary unavailable — showing source text] Money Laundering Act of 1985 - Title I: Money Laundering Offense - Amends the Federal criminal code to establish money laundering as a Federal criminal offense. Sets forth fines and penalties to be imposed against anyone who conducts transactions involving monetary instruments through a financial institution engaged in or affecting interstate commerce: (1) with the intention of carrying out specified types of unlawful activity; or (2) with knowledge that such monetary instruments represent income derived from such unlawful activity. Requires investigation of such an offense by the Federal Bureau of Investigation, the Drug Enforcement Administration, and the Internal Revenue Service, as appropriate. Establishes extraterritorial jurisdiction over such prohibited conduct. Title II: Currency and Foreign Transactions Reporting Act Amendments - Amends the Currency and Foreign Transactions Reporting Act to authorize the Secretary of the Treasury, in order to investigate the compliance of financial institutions with Federal recordkeeping and reporting requirements with respect to monetary instruments transactions, to: (1) examine the books, papers, and records of such institutions; and (2)…