Consequences of Money Laundering

 Posted on September 13, 2017 in Money Laundering

Money laundering is a serious crime that involves the misuse of finances from certain properties. There are several ways that money laundering can occur, and this act can lead to unwanted consequences for both the person who committed the crime and the person affected by the crime.

What is Money Laundering?

Money laundering is the act by which a person knowingly disguises proceeds of criminal conduct by making them appear to have been acquired from a legitimate source.

For example, a person commits the offense of money laundering when he or she conducts or attempts to conduct a financial transaction which involves criminally derived property and intends to promote the "carrying on of the unlawful activity from which the criminally derived property was obtained."

Additionally, a person commits money laundering when he or she knows or reasonably should know that a financial transaction is designed (in whole or in part) to hide the "nature, the location, the source, the ownership, or the control of the criminally derived property."

Any act of money laundering could mean a purchase, sale, loan, transfer, or delivery using property in a criminally derived manner. Movement of funds could be through the Internet or in person, and could even include transferring the title to any personal property.

Consequences of Money Laundering

If a person commits money laundering of criminally derived property valuing less than $10,000, then he or she will face a Class 3 felony. Any money laundering of property valuing between $10,000 and $100,000 will result in a Class 2 felony.

If the crime of committing money laundering involves property with the value of between $100,000 and $500,000, then the person who commits this crime will face a Class 1 felony. If the money laundering involves property with the value of over $500,000, then the consequence is a Class 1 non-probationable felony.

Contact Your Chicago Federal Crimes Attorney

There are several different ways to commit money laundering, and parties face consequences once the crime has been committed. With the Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney by your side, you do not have to go through the process alone.

If you have been accused of money laundering, it is essential that you retain aggressive criminal defense to ensure your rights are protected. Attorney Garfinkel, a former prosecutor, has more than 20 years of experience and has taken on federal criminal cases across the country.

For further questions, please call an experienced Chicago federal crimes attorney at 312-629-0669 to schedule your free initial consultation.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=072000050HArt%2E+29B&ActID=1876&ChapterID=53&SeqStart=77800000&SeqEnd=78000000