There are many different types of white collar crimes. Some of these have to do with criminal enterprises and the need to make the money involved in those look legal is a top priority. This is where one serious white collar crime comes into the picture. Money laundering is the process of taking money gained by unlawful means and trying to funnel through legal businesses to make it look like it was made legally.
The legal system takes money laundering seriously because it is often associated with gangs, drug enterprises and terrorism. There are many ways that this crime can occur, and many laws have been instituted to address it.
The Money Laundering Control Act of 1986 notes that people can’t use the proceeds of certain crimes to complete certain financial transactions. This includes using the money earned from the criminal enterprise to pay off another person or handle private debts.
The Bank Secrecy Act also covers some aspects of money laundering. This is a set of laws that require banks and financial institutions to report transactions over $10,000 to the Department of Treasury. They also have to report any transactions that could be considered suspicious, even if they are less than that amount.
Other laws can also apply to these situations, so it is important that defendants in these cases determine what laws are being used in their case. This can help you determine how you should address the situation. Ultimately, your defense has to be centered around poking holes in the prosecutor’s claims so that jurors have reasonable doubt about your guilt.
