Is there an investigation or accusation against you for money laundering? There are many forms of stress, anxiety, and fear associated with these charges. Criminal laws across the country penalize money laundering as a white-collar crime. Money laundering includes a myriad of offenses depending on the circumstances. It is time to hire a professional money laundering and white-collar criminal lawyer who will protect your rights is essential if you are charged with money laundering.
What is Money Laundering?
Money laundering involves the transfer of cash acquired from criminal activity right into “legit” channels to disguise its unlawful origins. According to the government regulation, money laundering occurs when a person attempts to conceal or camouflage the nature, the location, the source, the possession, or the control of the proceeds from this illegal act.
Why Does Money Laundering Occur
In today’s free economy, cash can have beginnings from throughout the globe. Since money has multiple origins, criminal ventures have the requirement to conceal the source of the funds. Wrongdoers of the criminal act want to move criminal profits to a country with a steady economic climate and cash while hiding or camouflaging their connection to it.
For example, cash produced by illegal activity in Ukraine is deposited into financial institutions that have stopped working to apply appropriate anti-money laundering (AML) safeguards. When the funds are effectively integrated into a bank, the funds and further integrated to various other places in the financial systems, where funds are invested in real estate or otherwise incorporated right into the Western economic climate.
Money Laundering Strategies
Structuring
Also called “smurfing,” cash is gotten into smaller down payments of money, made use of to beat uncertainty of money laundering as well as to avoid anti-money laundering reporting requirements (financial institutions typically need to report purchases over $10,000). One more technique to structuring is to use smaller amounts of cash money to acquire holder cash instruments, such as money orders, and transfer those tools in a bank in similar small parts.
Bulk Money Smuggling
Contraband cash transferred into an additional locale, typically overseas, and depositing it in banks, such as an overseas financial institution, with greater bank secrecy or less rigorous cash laundering enforcement.
Cash-intensive Companies
A business usually associated with getting cash uses its accounts to down payment both legitimate and criminally derived currency, asserting all of it as real incomes. An example would be an arcade or a laundry mat. As such service has no variable prices, it is challenging to find revenues-costs disparities.
Round-tripping
Cash is deposited in a controlled foreign company offshore, typically in a tax place where minimal documents are kept, and after that delivered back as an International Direct Financial investment, exempt from tax. An additional method is to move money to a law office or similar company as trust funds or pre-paid costs. When the remainder is returned, the funds become an inheritance under a will or even during a lawsuit.
Bank Capture
Money launderers acquire a managing interest rate in a financial institution, usually in an international territory with weak cash laundering controls, and then relocate money with the financial institution without analysis.
Real Estate Acquisition or Sales
A person might buy a property with prohibited profits after that sell the building. Earnings from the sale seek outsiders like legit earnings. Alternatively, the cost of the property is controlled: the seller agrees to a contract that under-represents the worth of the residential property and gets criminal profits to make up the difference.
Defense Against Money Laundering Charges
The charge of money laundering results in the following consequences:
- Significant fines
- Potential restitution
- Incarceration
- Permanent criminal record
Money laundering is a felony. A conviction for money laundering will affect your ability to get a job, rent a home, buy a home, pursue additional education, or obtain a professional license. Because the circumstances are so severe, it is essential for an accused to launch a solid defense against money laundering charges.
As in every criminal case, the burden of proving the criminal charges fall on the prosecution. A skilled criminal defense attorney evaluates the merits of a criminal case against a defendant. The law states that the prosecutor must convince a jury, beyond a reasonable doubt, that the defendant knowingly participated in a money laundering act.
Possible defenses against money laundering include the following:
- Lack of evidence
- Lack of intent to engage in promoting any specified unlawful activity
- Lack of intent to engage in tax fraud or money laundering
- Lack of knowledge that the transaction disguises the nature of the crime
- Police misconduct
- The defendant was under duress while making the transaction
Hire a Money Laundering Attorney
The laws surrounding money laundering and crimes relating to financial fraud are complicated and highly specialized. An experienced attorney with experience defending against money laundering charges. Call 866-594-7806 to speak with a white-collar criminal lawyer as soon as possible.