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What is money laundering?

On Behalf of | Oct 19, 2018 | Firm News, White Collar Crimes |

Earning money, no matter the amount, often causes a person to become protective of it. For some, this means investing it, and for others it might mean using it immediately to pay bills. No matter how the money is used, individuals often seek to protect their earned money. However, if money does not come from a legitimate source, individuals may take steps to disguise their funds in order to avoid facing serious penalties.

What is money laundering? In simple terms this is a criminal act that involves the transfer of money that derived from a criminal activity. This can include activities such as organized crime, drug transactions, white-collar crimes and terrorist activities. This money is transferred into seemingly legitimate channels as an attempt to mask the true origins of the funds.

Various laws have been put in place to punish those convicted of money laundering. While these laws were initially intended to combat the mafia and organized crime, these laws have helped curb the war on drugs and terrorist activities. When a person is accused of money laundering, he or she could face serious penalties that involve lengthy prison sentences and fines.

Because the criminal consequences of money laundering can be harsh, it is important for those accused of this crime to explore their rights and options. This means strategizing a criminal defense to clear their name and avoid harsh penalties. Seeking experienced legal guidance can be helpful for those facing these types of situations. No one should have to navigate these difficult times alone.