White Collar Crime Lawyer in Marietta
When money is obtained through illegal means, such as drug crimes, sex trafficking, or white collar crimes the money cannot be used without raising suspicions as to where it came from. One way to avoid “dirty” money being traced is through money laundering. By layering the funds, the money can be made to appear legitimate should it ever be investigated by the authorities. The Financial Task Force on Money Laundering has stated that it is impossible to come up with an accurate figure regarding how much money is laundered around the world every year. For this reason, they do not even release a rough estimate of how much money is affected. With the untold billions of dollars being laundered every year, government agencies are taking a strong stand against any allegations of money laundering.
Money Laundering: Step-By-Step
How does money laundering work? Rather than carry large quantities of cash around and risk the notes being tracked by the authorities, criminals will first launder the money in an attempt to hide its true source. The first stage of money laundering is the most risky. This step involves depositing the cash into a legitimate institution. When large amounts of cash are deposited, it may raise suspicions. Not only that, but banks are required to report large amounts of cash being deposited. Once this stage of the process has been successfully completed, the next stage is ready to commence.
Layering is designed to confuse the authorities so that they cannot discover the true source of the money. By depositing the money into different offshore accounts, business investments, large purchases, and U.S. bank accounts, the money can appear to have come from a legitimate source. Even if the money is traced several steps back, it still appears to be clean. This stage of the case can be extremely complex, with many different layers. Again, the main goal of layering is to make it as difficult as possible for government agencies to prove that the money is dirty.
The last stage of money laundering is integration. Integration is the step when money is ready to be used in the market. This is often accomplished by selling an expensive item, like a boat, house, or jewelry. It could also be done by investing money into a U.S. business. There have been cases of money launderers purchasing a $5 million dollar hammer from a company they own. Once the money has entered back into the U.S. economy, it is safe to be used.
Have You Been Accused of Money Laundering?
As money laundering can be used to fund terrorist and criminal activities, the penalties for this crime are extremely harsh. In 1986, the Money Laundering Control Act was passed. It was this law that made money laundering a federal crime. It states that it is illegal to take part in a business transaction where the money was the result of criminal activity. It stated that the intent of the individual had to be that they were intending on disguising the true source of the money. If you were accused of money laundering in Georgia, your first step should be to get in touch with a Marietta criminal defense attorney from the team at Blevins & Hong, P.C.
We have years of experience in criminal law and are dedicated to getting our clients’ charges reduced or even dropped. We are able to represent those accused of DUI, sex crimes, drug crimes, and more and will do everything in our power to protect you. Please, do not risk your future and your freedom by failing to get in touch with our office. Contact a Marietta white-collar crime lawyer from our team!
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