Money Laundering is a serious federal white collar crime. This type of offense is governed not by Florida state law, but by federal law. This means that the legal consequences for a conviction of this sort will resort in very serious fines and/or imprisonment.
If you have been charged with a crime pertaining to money laundering your first step is to understand what you are being charged with and the potential punishment you may face if convicted. The best way to understand and begin to prepare is to seek the services of an experienced attorney such as South Florida criminal attorney Evan A. Hoffman.
If you have been charged with money laundering, some of the most important things to know are what elements make up a money laundering charge. A good attorney like Evan Hoffman will explain exactly what you are facing and prepare you for it.
With many years of experience as both a prosecutor and a defense lawyer, Evan A. Hoffman is prepared to explain the elements of a money laundering charge. By explaining these elements, he can give you a better idea of what needs to go into an effective defense strategy.
If you were arrested for money laundering and don’t know what steps to take, call The Hoffman Firm at (305) 249-0090. Evan A. Hoffman can prepare you for the next steps in your case and put you at ease during this stressful time.This firm welcomes individuals from Miami, North Miami, and neighboring regions.
- What is money laundering
- What are the penalties for this crime
- Where to find more information on money laundering
What is Money Laundering?
According to Congress’ Money Laundering Control Act of 1986 (MLCA), 18 U.S.C.A. §§ 1956 et seq., money laundering is an illegal activity defined as taking the proceeds of criminal activity and making them appear legal. This offense is counted as a felony.
Most of the money laundered in the United States comes from the marketing of illegal narcotics. Other “laundered” money may come from illegal activities such as the selling of “black market” goods and or services such as prostitution, and illegal gambling.
A person or entity which obtains large amounts of money through an illegal activity needs to try and “legitimize” their earnings by making it appear that the money was obtained through legal means.
Without “legitimizing” their money they are not able to openly place (placement) their money into banks, make large purchases etc because governing bodies like the Internal Revenue Service would notice and possibly take legal action against them.
“Placement” is the legal term used for converting cash into legal negotiable means by depositing it into financial institutions –banks etc.
Under the federal Bank Secrecy Act of 1970 (BSA), 31 U.S.C.A. §§ 5311 et seq., financial institutions are required to report deposits of more than $10,000 in cash made by an individual in a single day.
Therefore, the person or entity may set up a “front” or “façade” business through which they would then pass their illegal earnings making them appear to be legal.
What are the Penalties for Money Laundering
As a federal crime, money laundering carries far more severe penalties than your standard state offense. Consequences will vary based on the amount of money in question, the defendant’s criminal history if any and other relevant circumstances.
Money laundering can carry any of the following offenses:
- 20 years in federal prison;
- Civil liability for twice the value of property or monetary value up to the maximum value of the property; or
More Information on Money Laundering
IRS.gov- The internal revenue service provides information on the federal Money Laundering Control Act of 1986.
Offices of the United States Attorneys- This government site gives a detailed description of money laundering and case law applying these laws.
Money laundering is a very serious charge and can result in large fines and or stiff prison sentences if convicted.
There are many ways that a criminal defense attorney like Evan Hoffman can help someone facing charges of money laundering, like mounting a defense based on trying to prove that a greater amount of money was obtained through legal means (the front or façade business) than was obtained through the illegal business.
If you are dealing with charges of money laundering, give The Hoffman Firm a call today at (305) 249-0090 and see what plan of action they recommend for you. This firm welcomes clients in Miami-Dade County, North Miami, and several other areas.