Most people say that the only sure things in life are paying taxes and dying. There is one more that some people can add to the list of things that they will have to do if they want to live — make money. You need to earn a living, but some people aren’t doing this in a fully legal manner. These individuals might need to make it appear as though their money was legally obtained. Money laundering is the way that they might do this.
Money laundering is simply funneling illegally obtained money through legal channels to make it appear as though it was garnered by legal methods. Even though this sounds good in theory, it is actually illegal.
The issue of money laundering first came to light in the 1970s when gangs and drug cartels were trying to skirt around laws that forbade them from money laundering. Now, these laws are focused more on terrorist activities than organized crime. Still, it is important for anyone who is dealing with money in any capacity to know a few points about money laundering.
This issue is governed by the Bank Secrecy Act, Money Laundering Control Act of 1986, Annunzio-Wylie Anti-Money Laundering Act of 1992 and the USA Patriot Act. Together, these laws set standards for what is considered money laundering and what types of penalties are possible. They also set standards for the mandatory reporting requirements of banks when it comes to large financial transactions. Historically, any cash transaction of $5,000 or more was reported. Now, that threshold has increased to $10,000.
You are facing serious penalties with these charges. You should handle your defense accordingly.
Source: FindLaw, “Money Laundering,” accessed Jan. 04, 2018