When Can a Person Be Charged With Money Laundering?

 Posted on February 20, 2023 in White Collar Crime

Money laundering is a serious federal crime involving disguising the proceeds of criminal activity as legitimate funds. Money laundering is considered a white-collar crime, which many people incorrectly believe makes it less severe of an offense. However, this is untrue, as many white-collar crimes such as money laundering are prosecuted seriously and carry stiff penalties.

It cannot be understated that if you are charged with money laundering, it is in your best interest to contact a federal crimes defense attorney who has defended clients in white-collar cases before. Your attorney will be able to guide you through the legal process while also acting as an advocate on your behalf as you work towards obtaining a positive outcome in your case.

What Does the Law Say?

Federal law defines money laundering as knowingly engaging in a financial transaction involving property derived from illegal activity with the intent to promote unlawful activity or evade taxes, reporting, or other legal requirements. This can include depositing or withdrawing large amounts of cash, transferring funds between accounts, or purchasing high-value assets with funds known or suspected to be derived from illegal activity. 

Penalties for money laundering increase in severity depending on the amount of money involved. For example, on the more severe side, money laundering involving property valued between $100,000 and $500,000 is considered to be a Class 1 felony, punishable by up to 15 years in prison and steep fines. The more money involved, the more severe the penalties.

Money Laundering in Relation to Other Crimes

Money laundering is often closely associated with other criminal offenses, such as drug trafficking, fraud, or embezzlement. Because depositing large amounts of money in the bank without an explanation for how it was obtained is suspicious, steps may be taken to conceal the source of money, such as by making it appear as if money was earned through a legitimate business. Money laundering may be charged alongside other offenses. However, in some cases, law enforcement agencies may use money laundering charges to bring down larger criminal organizations or to target individuals who may be difficult to prosecute for other offenses.

Contact a Chicago, IL Money Laundering Attorney

Being charged with a serious criminal offense can make it seem like you are all but sure to be found guilty. However, with help from an experienced lawyer, you can give yourself a chance at obtaining an outcome in your favor. If you have been charged with money laundering, contact the aggressive Chicago money laundering defense lawyer at Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney. Call 312-629-0669 for a free consultation.

Source:

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