Money laundering is a very serious criminal offense. It involves significant deception. If someone is accused of money laundering, he or she may be subject to seizure of assets. Some people are even arrested for money laundering.
It’s important to understand your rights in the event you are accused of money laundering. A skilled defense attorney can help explain your legal position and offer support.
What Is Money Laundering?
According to Cornell Law School, money laundering refers to any financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The institution defines three stages of the money laundering process:
- Illegal activity: Some illegal activity is used to garner money; the money is placed in the launderer’s hands
- Passage: The money is passed (by the launderer) through a scheme of transactions; the transactions are intended to hide who first received the money from the criminal enterprise
- Return: Money is returned to the launderer; the return is obscured and not direct
Essentially, money laundering occurs when someone knowingly uses proceeds (funds) from unlawful activity (such as drug crimes or fraud) in a financial transaction.
Two Money Laundering Statutes
Spending statute
Under the spending statute, a person cannot spend more than $10,000 in illegal proceeds in a single transaction that involves a financial institution. The defendant in a case must know that the funds were from unlawful conduct– the law requires proof.
- Financial institutions include banks, loan companies, securities brokers, car dealers, real estate companies, etc.
- A monetary transaction must occur for the spending statute to apply; these include deposits, withdrawals, and transfers of funds to, from, and within financial institutions
Cash transactions: The Bank Secrecy Act
Financial institutions must file currency transaction reports (CTRs) any time over $10,000 in currency is deposited or withdrawn in a single business day. This is mandated by the Bank Secrecy Act.
Someone may also be prosecuted for violating the Bank Secrecy Act or the Money Laundering Control Act if they make numerous structured deposits or withdrawals of cash from unlawful activity to avoid banks’ obligation to file CTRs.
Charges Commonly Combined With Money Laundering Charges
It is very common for money laundering charges to come along with other federal charges. Some of the most common include:
- Tax fraud
- Mortgage fraud
- Mail fraud
- Securities fraud
- Bank fraud
- Drug trafficking
Money Laundering Is A Serious Federal Crime
Federal and state governments rely on complex statutes (and a lot of money and manpower) to investigate and prosecute whoever they decide to pursue. Individuals under investigation for money laundering may be subject to the seizure or forfeiture of cash, real estate, cars, and other assets.
- Money laundering is a white-collar crime and it does not involve violence, but it is a very serious offense
- Money laundering is one of the most-prosecuted white-collar crimes
How Can A Money Laundering Defense Attorney Help Me?
Working with a defense lawyer can help you if you are under investigation for money laundering (or if you believe arrest is imminent). Not only will an attorney help you understand the legal process and the laws around your case, but you’ll get personalized information that will help you make informed decisions for you.
Attorneys advocate for your rights in court; and when you work with a legal professional, they can use every resource at their disposal to benefit your case. Most criminal defense lawyers consult with experts from a variety of industries to help support their clients.
Facing criminal charges means you need someone in your corner who understands how the system works. Attorney Kevin DeVore knows your rights and will fight to protect them. Kevin DeVore is a St. Paul Criminal Defense Lawyer. Reach out today to ask a legal professional about your case.
Posted 3rd November 2020 by DeVore Law Office