Money laundering is a crime that is aggressively prosecuted by the federal court system. It resides within the ranks of mortgage fraud, embezzlement, and drug crimes.
Many individuals that commit money laundering do so to avoid prosecution, taxation, forfeiture, or seizure and tends to be associated with crimes such as healthcare fraud, Medicare fraud, mortgage fraud, and many others.
Acts that include concealing the true funds of money invested in a business or deposited into a bank account are examples of money laundering. Other examples include:
- Drug dealing
- Failing to report cash transactions over $10,000
- Structuring transactions to conceal their value
- Failing to determine the source of a large sum of money
- Bribery, tampering, smuggling, piracy, and contraband
The list of ways in which money can be laundered can go on and on.
The possible money laundering penalties can be quite harsh in that the prison time can be anywhere from 10 to 20 years. The amount of time sentenced depends upon the amount of money that is involved. In addition, forfeiture charges tend to be brought against the defendant at the time the money laundering charges are brought. Forfeiture is the recouping of assets to compensate for the laundered proceeds. Clean money, real estate, and other assets can be forfeited.
The reason why the penalties are so harsh is because money laundering tends to be linked to international terrorism and other crimes that violate the federal laws that have been put in place to trace laundered money that makes its way into legitimate businesses. If an accusation of money laundering is made against you or you are being investigated, you need to speak to your Minneapolis money laundering attorney as soon as possible so you can receive the advice you need through the process and the representation needed if charged.