Tampa Money Laundering Lawyer
You may have heard of the term “money laundering,” but what exactly is it? It’s a little more complex than leaving your cash and coins in your pants pocket and having them go through the wash.
Money laundering is about making illegal money, such as drug trafficking profits, appear legal. Dirty money is made clean by putting it through various processes.
Money may be split up and placed into various bank accounts. It may be laundered through online auctions and sales and gambling websites and converted into gaming currency. Money laundering may involve Bitcoin and other cryptocurrencies.
Money laundering charges are based on the amount laundered. These charges are typically felonies and can result in up to 30 years in prison. That’s a long time. Contact a Tampa money laundering lawyer from Scriven Law, P.A. for a solid defense.
Stages of Money Laundering
The money laundering process involves several key steps:
- Placement is how the funds that have been gained from criminal activity are placed into the legitimate financial system. This may involve dividing a large amount of money into smaller amounts and into multiple bank accounts. This is done because depositing one large amount of money into an account could cause the bank to alert the authorities. Placement may also involve buying foreign currency, buying insurance, or spending the money on gambling.
- Layering is the technique used to hide the source of these funds. This involves moving the money through multiple transactions. This can involve using the money to purchase and sell investments or transferring it through various bank accounts. Some of the most common examples of layering are investing in real estate, reselling high-value goods, and transferring funds between countries.
- Integration or extraction. This is the final stage of money laundering. Those involved in the criminal proceeds will be returning that money to themselves in a way that does not arouse suspicion. The goal is to get the money into the legitimate financial system without attracting any attention from the financial sector or law enforcement agencies. Integration can involve purchasing high-value items, such as property or art, or investments. They may also engage in business tactics such as paying non-existent employees, so-called loans to directors or shareholders, and dividends to shareholders of companies controlled by those involved in the money laundering. Integration can make it extremely difficult to identify both the criminal and their proceeds of crime, especially if there is no evidence from the previous two stages.
Contact Scriven Law Today
Money laundering may seem like a complex crime, but investigators can often figure it out and prosecute those involved.
Money laundering causes major security dangers. As such, it is punished harshly. Contact a Tampa money laundering lawyer from Scriven Law, P.A. for legal help. We provide sound advice and strategic and aggressive representation across a wide range of Florida criminal law matters. To schedule a consultation, fill out the online form or call 813-226-8522.
