Irvine Money Laundering Defense Attorney
WHITE COLLAR CRIME CHARGES
Money Laundering
When people think of money laundering, they typically think of the mob and other organized crime groups. The crime of money laundering, however, is not necessarily limited to organized crime, though it is critical to its operations. According to the U.S. Department of Justice (DOJ), "money laundering is the process by which criminals conceal or disguise the proceeds of their crimes or covert those proceeds into goods and services." It may also be described as concealing or disguising illegal sources of money so that it appears that it comes from legal sources. Money laundering has potentially devastating security, economic and social consequences, which is why it is fervently prosecuted.
The Money Laundering Process
According to a report written by the U.S. Department of State, the money laundering process generally involves multiple transactions used to conceal the (illegal) source of financial assets so they can be used without jeopardizing the criminals intending to use them. There are three general steps to these transactions:
- Placement - placing of the illegally acquired funds into financial institutions through wire transfers, deposits and other methods;
- Layering - separating the illegally acquired proceeds from their original location by using "layers" of complicated financial transactions; and
- Integration – Using a seemingly legitimate transaction to conceal the illegal proceeds.
This process is well-known by law enforcement and prosecutors. If you are suspected of money laundering, your financial records will be torn apart to find evidence of the true source of your earnings.
IRS Money Laundering Statistics
According to the Internal Revenue Service (IRS), in the 2011 fiscal year, there were 1,726 money laundering investigations initiated in the U.S. Furthermore, there were 1,383 prosecution recommendations, 1,228 indictments, and 678 convictions. Although investigations increased from 2010, the number of offenders actually sentenced decreased.
Money Laundering Laws in California
According to Section 186.10 of the California Penal Code "any person who conducts or attempts to conduct a transaction or more than one transaction within a seven-day period involving a...total value exceeding [$5,000], or a total value exceeding [$25,000] within a 30-day period, through one or more financial institutions" in order to manage, promote, carry on, establish, or support the management, promotion, etc., of criminal activity, or knowing that the money is directly or indirectly derived from or represents the proceeds of criminal activity, is considered guilty of money laundering.
Penalties
Violating the above California law carries a felony charge, a maximum county jail sentence of one year and/or a maximum $250,000 fine or twice the value of the transacted property, whichever is greater. For subsequent money laundering convictions the maximum fine increases to $500,000 or five times the value of the transacted property, whichever is greater. Furthermore, each unlawful transaction will be considered a separate punishable offense. Additional circumstances may increase the prison sentence and/or fine.
Protecting Your Financial Future
A money laundering conviction not only puts a felony count on your permanent record, but can also seriously jeopardize your financial future. If you have been charged with the crime of money laundering in California, you are entitled to legal representation. Everyone has the right to defend themselves against criminal charges, regardless of the crime allegedly committed. At The Law Offices of Jeremy N. Goldman, our aggressive Orange County money laundering defense attorneys are committed to protecting the rights of our clients while defending against any unnecessary charges or an unjust conviction. To learn more about how we can help you, contact us today at (800) 349-1619 for a consultation.
