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Collin County criminal defense attorney money laundering

Money laundering is a term used to describe the act of hiding funds that are obtained through criminal activities. It is a criminal offense that is prosecuted by the state and federal government and punishable by steep fines and significant prison sentences. If you or a loved one has been charged with a criminal offense related to money laundering, contact an experienced federal criminal defense attorney right away. Do not speak to the police without your attorney present. Take advantage of your Constitutional right to avoid self-incrimination by remaining silent and asking for your lawyer right away.

U.S. Federal Money Laundering Laws

The term “money laundering” refers to the process of making illegally obtained or “dirty” money appear legitimate or “clean.” If you concealed or attempted to conceal profits from a crime, you may be charged with offenses related to the crime as well as the offense of money laundering. For example, if you received money from selling illicit drugs and then funneled those profits into your small business, you may face charges for drug distribution as well as money laundering. Money laundering typically involves three main steps. First, the cash obtained from the unlawful sources is disguised as money from a legitimate business or another lawful source. Next, the origin of the funds is obscured so that it is difficult for law enforcement to determine the original source. Lastly, the laundered funds are reintroduced or integrated into the economy -- often through financial institutions.

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Collin County white collar crimes attorney

You may be surprised to learn that an estimated 2 to 5 percent of the global gross domestic product (GDP) is represented by money that is laundered across international borders. The criminal offense of money laundering occurs when a person conceals the identity, source, or destination of money that has been acquired unlawfully. Both state and federal laws prohibit money laundering. If you are being investigated by a federal government agency for possible money laundering, it is imperative to seek help from a qualified criminal defense attorney as soon as possible.

Federal Money Laundering Charges

It is important to note that money laundering involves the concealment or attempted concealment of profits from criminal activity. If you sold an expensive diamond ring and then failed to report that money to the IRS, for example, this may be in violation of tax law, but it is not money laundering. Furthermore, the United States Supreme Court mandates that federal money laundering laws do not apply if an individual is only making money from a crime but not hiding it. For example, if a criminal defendant runs an illegal lottery, he or she is receiving money from a crime, but this does not constitute money laundering if he or she does not hide the proceeds. A conviction for money laundering requires prosecutors to prove beyond a reasonable doubt that the defendant is concealing profits from the illegal activity.

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Texas white collar crime defense attorney

Money laundering can occur in various forms, but it always involves money that was made as a result of illegal activities. It is defined as the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. The money produced from the crime is considered “dirty,” and the process “launders” it to make it look clean or legitimate. If a person knowingly concealed, transported, invested, or spent money that was made in an illegal way, he or she participated in committing this crime. Under the Texas penal code, money laundering is classified as a white-collar crime. This type of crime involves deceit and is motivated by the desire for financial gain. In Texas, the penalties for money laundering depend on how much money someone is accused of laundering, but this crime is always charged as a felony.

Three Stages of Money Laundering

Typically, money laundering involves three steps: 

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