What Is Money Laundering?

A  money laundering conviction in Florida can result in hefty fines. It can also come with steep jail sentences. A guilty verdict can potentially land you in jail for many decades. In the most minor cases, a guilty verdict can still lead to months or years behind bars. Money laundering is a serious offense and a federal crime.

It is essential to have an experienced attorney helping you when you are charged with money laundering. The Orlando federal crime lawyers at Joshi Law Firm, PA, know how to dissect a money laundering charge and determine the best strategy for defending against the alleged crime. It is critical to protect yourself when you are charged with any crime, including money laundering. The legal team at Joshi Law Firm, PA, know exactly what to do in these situations to secure the most favorable outcomes.

Defining Money Laundering

When one or more financial transactions are made in such a way as to hide money that is gained from illegal activity, this process is called money laundering. For example, proceeds from the sale of illicit drugs that are processed in a legal way to essentially “wash” them so they can be used would be deemed money laundering. Even money made off of activities like human trafficking that is then put through a financial transaction with the intention of concealing the money’s origins is another illustration of money laundering.

When you are charged with money laundering, it is necessary for the prosecutor in your case to prove a couple of things. First, that you were aware that the money in question came from illegal activity. Second, that actions were taken to make the money seem legitimate. Wire transfers or bank deposits are just two examples of ways that illegal proceeds can be turned into legitimate funds.

Your attorney will thoroughly investigate the details of your case to figure out the right approach for mounting a defense. Perhaps, you were the target of law enforcement entrapment, and if this is true, you may be able to have your charges dropped and secure an acquittal. Or maybe the case could be made that you engaged in a financial transaction with money you never knew came as a result of criminal activity.

Congress has taken an interest in preventing money laundering and, in 1970, passed legislation to do just that. The Secrecy Act of 1970 makes it necessary for banks to report financial transactions that happen at a certain amount. It also makes it necessary to report the existence of foreign bank accounts.

Speak to an Orlando Criminal Defense Lawyer Today

It is possible to overcome charges of money laundering, and either have your charges reduced to lesser offenses or even dropped. An attorney can advise you on the best way to get the desired results.

If you live in the Sunshine state and you were arrested for allegedly committing a crime, you do not have to face such a precarious situation alone. Partnering with an attorney with experience and a track record of success can improve your chances of securing optimal outcomes.

For help after an arrest, call the Florida criminal defense attorneys at Joshi Law Firm, PA, today to schedule a free initial consultation at (407) 661-1109.

Source:

fincen.gov/resources/statutes-and-regulations/bank-secrecy-act