Every year, trillions of dollars are exchanged between people and banks throughout the world. Since there are so many routes in which money can be exchanged, it becomes increasingly difficult for the federal government to determine the sources and amounts of money or assets people actually possess. When someone intentionally tries to hide his or her money transfers or possessions from the government or other entities, then he or she may be committing a money laundering crime. If the individual acts as intermediary between illegal transfers, then he or she may be charged with money laundering.
Money laundering usually occurs when people or individuals have investments in certain criminal activities. Criminal activities often involved with money laundering are narcotic sales, prostitution, weapons trading, kidnapping, murdering, insider stock trading, illegal use of money, or a combination of these activities. The money that is used to fund these activities is often sent overseas and put into multiple bank accounts in order to keep federal agencies from determining the amounts and sources of the money.
Some overseas banks will protect their investor’s amounts even if money rises to an enormous amount. Other banks will report this kind of activity to the authorities. Money launderers may go through other channels outside of banks such as making weapon or transportation purchases, such as yachts or helicopters. After these purchases arrive overseas, the money launderer will sell them and turn these purchases back into money.
If you or someone you know has been accused or money laundering, contact the experienced Champaign criminal defense lawyers of Bruno Law Offices today at (217) 328-6000 to discuss the facts of your case.