Top The Woodlands, TX Money Laundering Lawyers Near You
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4400 Post Oak Parkway, Suite 2850, Houston, TX 77027
909 Fannin St., Ste. 3300, Houston, TX 77010
1330 Post Oak Boulevard, Suite 800, Houston, TX 77056-3166
609 Main Street, Suite 4700, Houston, TX 77002
3200 Southwest Freeway, Suite 3200, Houston, TX 77027
811 Main Street, Suite 1100, Houston, TX 77002
1100 Louisiana Street, Suite 4000, Houston, TX 77002
6200 Chase Tower, 600 Travis Street, Houston, TX 77002
2500 E T C Jester Blvd, Suite 525, Houston, TX 77008
1111 North Loop W, Ste 1118, Houston, TX 77008
1415 N Loop W Fwy, Suite 905, Houston, TX 77008
The Kirby Mansion, 2000 Smith Street, Houston, TX 77002
819 Lovett Boulevard, Houston, TX 77006
2925 Richmond Ave, Suite 1200, Houston, TX 77098
600 Travis St, Suite 2350, Houston, TX 77002
1301 McKinney Street, Suite 1900, Houston, TX 77010
717 Texas Ave, Suite 2100, Houston, TX 77002
3040 Post Oak Boulevard, Suite 1400, Houston, TX 77056
917 Franklin St, 6th Floor, Houston, TX 77002
5300 Memorial Dr, Ste 750, Houston, TX 77007
412 W Phillips St, Conroe, TX 77301
700 Louisiana Street, Suite 4300, Houston, TX 77002
609 Heights Blvd, Houston, TX 77007
1001 Fannin, Suite 3700, Houston, TX 77002
One Allen Center, 500 Dallas Street, Suite 3000, Houston, TX 77002-4709
The Woodlands Money Laundering Information
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What Is Money Laundering?
Money laundering generally involves processing money gained from unlawful activity to make it appear legitimate. By passing criminal gains through a series of transactions, the money does not appear to be directly traced to the criminal activity. Money laundering can come from a variety of unlawful sources, including illegal gambling, drug trafficking, or terrorist activities.
Dealing with large amounts of money can raise red flags and alert law enforcement. There are financial reporting requirements when someone withdraws or deposits more than a certain amount of money. When large amounts of money are used to transfer through banks, buy a car, or invest in a building project, the IRS may want to know if tax has been paid on that money and the justice department may want to know the source of that income.
How Does Money Laundering Work?
Money laundering generally goes through a 3-step process of placement, layering, and integration.
In the first step, the criminal source of income is deposited into the financial system through a deposit, transportation of cash, or change in currency.
In the second step, layering, the criminal proceeds are concealed through withdrawals, transfers, or deposits in other accounts.
In the third step, integration, the money appears to have a legitimate source through creating fake loan documents, hiding the ownership of the funds, or using the money in 3rd party transactions.
What Is an Example of Money Laundering?
A drug dealer has made a lot of money and wants to conceal the illegal source of the “dirty money.” The dealer’s friend buys a laundromat and the dealer’s money is invested in the business to buy equipment, advertising, supplies, and pay for employees. The laundromat has a few actual customers and appears to be a legitimate business. The dealer’s money is commingled with the business income to make it appear like the business is very profitable. The money can now be deposited in a bank as income from a laundromat instead of as drug money.
Is Money Laundering a Federal Crime?
Money laundering can be a state criminal charge or a federal offense. When money laundering involves a flow of resources to and from federal crimes or passes through interstate commerce, it can be charged as a federal crime. Under 18 U.S. Code § 1956, it is a crime to participate in money laundering knowing the transaction is designed to conceal the nature, location, source, ownership, or control of the proceeds.
What Is the Punishment for Money Laundering?
The criminal penalties for a money laundering offense can be severe. Anyone involved in a money laundering scheme can be charged, even if they did not directly participate in the unlawful source of the money. A conviction for money laundering includes a prison sentence of up to 20 years and a fine of up to $500,000, or double the value of the property involved in the financial transactions. For example, the penalties for money laundering $1 million in unlawful gains could include a fine of up to $2 million.
There are also civil fines associated with money laundering. Whoever conducts or attempts to conduct a money laundering transaction is liable to the United States for a penalty of the value of property, funds, or monetary instruments involved in the transaction.
Money laundering usually involves some underlying criminal activity. Participating in money laundering may also carry related criminal charges, including bank fraud, securities fraud, racketeering, tax fraud, mortgage fraud, health care fraud, mail fraud, or other white-collar crime.
What Are Potential Defenses to Money Laundering?
Money laundering can be a complicated process. Laundering transactions can involve multiple shell companies, bank accounts, and account holders. In some cases, identity theft can be used to make it appear like an innocent person is involved. It may be a compelling defense to money laundering charges if the defendant did not have knowledge of the illegal activity or did not know the transaction was to conceal the nature or original source of the proceeds.
Do You Really Need a Money Laundering Defense Lawyer?
When accused of a money laundering charge, where do you turn for help? Even before criminal charges are ever filed, during a federal level investigation for money laundering, you may want to think about contacting a criminal lawyer. Money laundering cases can be complex and may require an experienced money laundering attorney to build a strong defense. A criminal defense attorney can review the criminal record, identify weaknesses in the prosecutor’s case, and defend you in court. Criminal defense lawyers may also be instrumental in negotiating a plea agreement to have your charges reduced or avoid additional criminal charges.