convictions were based on interpreting the term
‘proceeds of crime’ in the federal money laundering
statute (18 USC s 1956(a)(1)) to mean any funds
generated illegally. The conviction was later
quashed, based on an alternative interpretation of
‘proceeds’ which other legislation defines as either
the profits of crime of the receipts of crime. The
appeal judgement, that profits from crime were
required for a money laundering offence, was
confirmed by the Supreme Court in June 2008