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White Collar Crime Policy
By Tiffany M. Joslyn
White-Collar Crime columns.
FERA’s Silver Lining — An Account of NACDL’s Efforts Combating Overcriminalization
In response to the financial crisis, Congress passed the Fraud Enforcement Recovery Act (FERA),1 adding a few more crimes to the more than 4,450 that comprise the federal criminal code. In addition, FERA legislatively reverses the Supreme Court’s recent defendant-friendly decision United States v. Santos,2 which correctly limited the term “proceeds,” as used in the principal money laundering statute, to the profits of a crime, not its receipts.3
That said, FERA does have a silver lining, which is due in large part to the extensive and persistent efforts of NACDL to educate Capitol Hill on FERA’s problematic provisions. While these efforts could not stop Congress from acting on its compulsion to criminalize, it did stop some of the most troubling money laundering proposals from gaining traction and tempered the prosecutorial advantage created by the legislative reversal of Santos.
As it has been said before
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