[JURIST] The US Supreme Court [official website; JURIST news archive] granted certiorari Monday in US v. Santos [cert. petition, PDF] 06-1005 [docket], where the Court will consider the definition of proceeds in relation to illegal money laundering schemes under 18 USC 1956 [text]. The case is on appeal from the US Court of Appeals for the Seventh Circuit.
The Seventh Circuit ruled [PDF text] in favor of the defendants, finding that the government did not present a compelling reason to overturn the definition of proceeds as "mean net income" rather than gross receipts. AP has more. Read the full Order List [PDF text].