Many people have heard of money laundering, even if it’s just from shows like Breaking Bad. Most know that it is taking money that is considered “dirty” and making it “clean,” but few understand the details of what the crime actually entails. Unless you have been involved or know someone who has been involved in money laundering, it’s not unusual to have heard the term but not know exactly what it means. Here is a basic outline of the crime.

Who Does It?

People who launder money tend to be drug traffickers, corrupt politicians, terrorists, con artists or embezzlers. These people deal in heavy amounts of cash which can draw unwanted attention of law enforcement. For example, if a drug dealer sells product that is worth $1 million and is paid in cash, that cash would weigh nearly 256 pounds. What exactly does one do with that amount of money? The answer: Launder it.

The Steps

The first step for most people is to hire a financial expert. It is desirable that the money is not traceable during the laundering process. An expert, unlike the guy next door, can make sure this happens.

The next step is to hide the money and then keep it on the move. For instance, the money may be put in an off-shore bank. From their, it is layers. In other words, it is separated out into different off-shore accounts. It is then invested in some type of business (typically known as a “front”) and deemed clean.

The steps are known in legal circles as placement, layering and integration.

The Fight

Combating money laundering in the United States is difficult, but not impossible. Federal investigators employ a variety of methods to trace money back to its original source, but it is widely known that not everyone is caught. With over 700,000 wire transfers occurring on a daily basis, the task is close to impossible.

Money laundering is a serious crime with hefty consequences. If you find yourself on the wrong side of the law and need white collar defense in Orlando, contact our team of experienced criminal defense attorneys. We will speak to you at no cost and advise you of your options. Call now for assistance.

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