Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean." Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy.In its mission to "safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering and other illicit activity," the Financial Crimes Enforcement Network acts as the designated administrator of the Bank Secrecy Act (BSA). The BSA was established in 1970 and has become one of the most important tools in the fight against money laundering. Since then, numerous other laws have enhanced and amended the BSA to prlaw enforcement and regulatory agencies with the most effective tools to combat money laundering. An index of anti-money laundering laws since 1970 with their respective requirements and goals are listed below in chronological order.Bank Secrecy Act (1970)Established requirements for recordkeeping and reporting by private individuals, banks and other financial institutionsDesigned to help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the United States or deposited in financial institutionsRequired banks to (1) report cash transactions over $10,000 using the Currency Transaction Report, (2) properly identify persons conducting transactions, and (3) maintain a paper trail by keeping appropriate records of financial transaction.Money Laundering Control Act (1986)Established money laundering as a federal crimeProhibited structuring transactions to evade CTR filingsIntroduced civil and criminal forfeiture for BSA violationsDirected banks to establish and maintain procedures to ensure and monitor compliance with the reporting and recordkeeping requirements of the BSA.Annunzio-Wylie Anti-Money Laundering Act (1992)Strengthened the sanctions for BSA violationsRequired Suspicious Activity Reports and eliminated previously used Criminal Referral FormsRequired verification and recordkeeping for wire transfersEstablished the Bank Secrecy Act Advisory Group (BSAAG)Money Laundering Suppression Act (1994)Required banking agencies to review and enhance training, and develop anti-money laundering examination proceduresRequired banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agenciesStreamlined CTR exemption processRequired each Money Services Business (MSB) to be registered by an owner or controlling person of the MSBRequired every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSBMade operating an unregistered MSB a federal crimeRecommended that states adopt uniform laws applicable to MSBsMoney Laundering and Financial Crimes Strategy Act (1998)Required banking agencies to develop anti-money laundering training for examinersRequired the Department of the Treasury and other agencies to develop a National Money Laundering StrategyCreated the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.