Money laundering is a criminal offense that involves someone disguising or concealing the source of money because it is obtained through illegal activity. The goal is to make the money appear to have been legitimately obtained.
Under the laws in this country, the focus of anti-money laundering laws is not only on the original crime that generated the money, but it is also on the financial transactions that are made with those funds. These transactions are all considered separate offenses because of the nature of them.
How does money laundering occur?
Money laundering statutes define this crime in a broad way, which can include various things like transferring funds between accounts, depositing funds, purchasing items or making transactions in a way that’s intended to avoid detection. In all of these cases, intent is one of the requirements for criminal charges.
There are typically three phases involved in money laundering. These include placement, layering and integration. Placement introduces the illegal funds into the financial system through things like purchases or bank deposits. Layering involves moving funds through several transactions to make it difficult to trace the origin. Integration involves putting the funds back into the economy so they look legal.
Money laundering is a crime that’s approached aggressively by the legal system, partially because of the way it impacts the financial industry and supports criminal activities. It’s crucial that anyone who’s been charged with money laundering learns their defense strategy options as quickly as possible. Working with someone familiar with these matters may be beneficial, so they can assist with determining how to proceed.
