Money laundering is an act commonly associated with mob films and television shows. In the real world, though, it is a serious criminal offense that can be related to any type of crime that brings in cash, be that theft or illegal sale of something like drugs.
Essentially, money laundering is a way of getting money from illegal activities and turning it “legitimate.” Many crimes like selling drugs or stolen property will result in cash. Cash can be spent freely, but a large amount of cash can draw legal attention and cannot be used for any big purchases like cars or homes.
Laundering the money is taking that cash is making it “legitimate” so that it can be deposited and “legal.” Utilizing a business that relies on cash and feeding that illegal money through that front to some can do this. These businesses could be:
This is a crime because it is a way to make illegally obtained money “legal.” Money laundering is a serious crime, because it enables criminal activities to pay heavy dividends. You can face massive fines and up to 10 years in prison.
If you have been accused of money laundering, your reputation is in danger, and your future legitimacy as a business owner hangs in the balance. Tracey Wood knows how serious this charge is. One common defense is that you as the owner simply believed business was going exceptionallywell and didn’t know. While the prosecution will attempt to prove otherwise, it is difficult to be convicted without proof that you knew of criminal activity and helped launder the money.
Contact the team at Tracey Wood & Associates today to learn how we can help you.
“Not Guilty” - A Guide for Defending Criminal Cases
By Tracey Wood