Generally, many only consider crimes “serious” if they impact others, like rape, robbery, or assault. However, the United States government deems many illegal activities severe, even if no one is physically harmed during the commission of these crimes. One such offense is money laundering. As such, if you are facing charges for this offense, you’ll want to keep reading to learn what you must know about these complicated matters. In addition, the following blog explores the importance of connecting with a Montgomery County white-collar crime lawyer to explore your circumstances and determine the best course of action.
What Constitutes Money Laundering?
Money laundering is a crime that conceals the origins of money, generally obtained from illegal activities. The term “money laundering” originates from the idea that money obtained through illicit means is “dirty” and must be “laundered” to look “clean” or from legitimate sources. Most commonly, laundering is used to hide funds obtained through drug trafficking, prostitution, embezzlement, weapons dealing, or human trafficking.
There are several ways in which someone can launder funds, with layering being one of the most common. Essentially, this process involves moving funds around before re-integrating them into your finances so they appear to come from legitimate sources. However, many illegal crime rings will also set up “shell corporations,” which may seem like legitimate businesses but are really just a means to funnel money from criminal activity.
Laundering is a serious crime due to its direct link to criminal activity. As such, the profit and concealment of criminal activity through shell corporations or other means constitutes a federal offense, as explicated in the Money Laundering Control Act of 1986.
What Consequences Can I Face if Convicted?
If you are convicted of money laundering, you can face serious penalties for this offense. Generally, you’ll find that you can face a federal charge, often carrying up to 20 years in federal prison and a fine of up to $500,000.
You should also note that in addition to the federal laundering charge, you can also be charged for the crime you were concealing. As such, this can lead to further penalties.
When charged, the most important thing you can do to fight for the best possible outcome is connect with an experienced attorney. They can assist you in exploring potential defenses. For example, you may be able to show that the funds were obtained through a legitimate source. Additionally, you may be able to prove that you had no intent to launder the funds and did not know the money originated from an illegal source.
As you can see, the penalties for money laundering can be severe. That is why it is imperative to discuss your legal options with an experienced criminal defense attorney with Mudrick & Zucker, P.C. Our team understands how difficult it can be to navigate these matters on your own. When you need assistance, our legal team is here to help. Contact us today to learn how we can fight for you.
