Money Laundering Control Act of 1986

Money Laundering Control Act of 1986 - Amends the Federal criminal code to establish money laundering as a Federal offense. Sets forth fines and penalties for anyone who knowingly: (1) engages in a financial transaction in criminally derived property; (2) engages in a commercial transaction which is part of a scheme to conceal criminally derived property, or to disguise the source or ownership of criminally derived property; or (3) transports or attempts to transport a monetary instrument or funds from a place in the United States to or through a place outside the United States, or vice versa, as part of a scheme to conceal criminally derived property, or to disguise the source or ownership of criminally derived property.

Provides for a fine of not more than $1,000,000 ($5,000,000 if the offender is a person other than an individual), or imprisonment for not more than 20 years, or both.

Authorizes components of the Department of the Treasury to investigate such offenses.

Establishes criminal and civil forfeiture procedures for the offense of money laundering. Authorizes the use of wiretaps in money laundering investigations.

Amends the Right to Financial Privacy Act of 1978 to make certain changes regarding: (1) monetary transaction reporting requirements; and (2) the disclosure of information by financial institutions.

Authorizes the Secretary of the Treasury to: (1) examine books, papers, and records of domestic financial transactions; and (2) summon an officer or employee having possession or custody of reports or records to appear and give testimony under oath. Sets certain limits on the Secretary's summons power.

Amends the Right to Financial Privacy Act of 1978 to change the scienter requirement: (1) from "willfully" to "knowingly or with reckless disregard for a duty imposed by this subchapter" for civil violations; and (2) from "willfully" to "knowingly" for criminal violations.

Increases the criminal penalties for violations of the Bank Secrecy Act.