Money Laundering Control Act of 1985

[AI summary unavailable — showing source text] Money Laundering Control Act of 1985 - Amends the Federal criminal code to make money laundering a Federal offense. Sets forth fines and penalties for anyone who knowingly engages in a financial transaction with criminally derived property. Establishes extraterritorial jurisdiction over such prohibited conduct. Amends the Currency and Foreign Transactions Reporting Act to require that all persons who seek an exemption from the requirement of filing a currency transaction report each time they deposit or withdraw more than $10,000 to apply for such exemption. Imposes certain reporting requirements on funds transferred by wire or other electronic means. Requires the bank supervisory agencies which examine financial institutions to oversee compliance with the Currency and Foreign Transactions Reporting Act. Amends the Comprehensive Crime Control Act to provide that certain reports may be filed when a person is about to transport currency.…