Money Laundering
Money laundering is the process of taking money which was illegally obtained and disguising its source in order to make it appear as though it was earned legitimately. Although most often associated with organized crime, such as international drug trafficking organizations, money laundering can occur in the business or financial world as well. The money laundering process is complex and requires a number of financial transactions or other actions which will hide the paper trail and make illegally obtained money appear legit.
The penalties for money laundering may be severe, depending upon the amount of money which was processed, the prior criminal history of the offender and which state and federal laws apply.
Federal Law & Money Laundering Offenses
Money laundering is taken very seriously in the United States. Under the Bank Secrecy Act of 1970, banks are required to report cash transactions of more than $10,000. The Money Laundering Act of 1986 went further to make money laundering a federal crime. In 2001, the Patriot Act expanded the scope of these prior laws to include more types of financial institutions, with a special focus on terrorist financing. If a defendant is convicted of money laundering, he or she may face the following penalties under federal law:
- A fine of up to $500,000, or twice the value of property involved in the transaction (whichever is greater); and/or
- Up to 20 years in prison.
Considering the zeal with which federal agencies investigate and prosecute money laundering charges, and the harsh penalties that may be enforced, it is important to protect your legal rights if you or someone you know has been accused of this or any similar offense. Finding a local attorney who has the qualities you need in your legal counsel can help you achieve peace of mind in otherwise strenuous times.
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