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Chicago IL federal crime defense attorneyNot all crimes that take place are crimes of violence. Some crimes can be just as destructive without directly causing any physical harm to people. Many of these crimes are related to finance or technology and are broadly referred to as white collar crimes. Now, more than ever, white collar crimes are easier to commit as technology advances further, and in the United States, a variety of task forces and federal agencies investigate and prosecute them. One type of white collar crime that is commonly associated with both low-level and high-profile crime is called money laundering.

What is Money Laundering?

In general, money laundering occurs when large amounts of money that are obtained through criminal activity are handled in a way that makes the money look as if it came from a legal source. In other words, money laundering takes “dirty” money and makes it “clean.” Many times, money laundering is a result of other criminal activity, such as drug trafficking or manufacturing. Most of these illegal businesses operate with cash, but keeping thousands and sometimes millions of dollars on hand is inefficient. Money laundering allows criminals to deposit that money into a legitimate financial institution without it looking suspicious.

How Does Money Laundering Take Place?

Many small-scale money laundering operations take place throughout the United States. For example, a criminal drug organization may own a restaurant or barbershop that they use to funnel money through. The company may report more than what they actually bring in each night at the restaurant or barbershop so they can include some of the “dirty” or criminal money in the bank deposit for the legitimate business. Once all of the money has been deposited, the criminals are free to withdraw the money at any time, without fear of it being traced back as illegal cash.

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Posted by on in Money Laundering

Chicago federal crimes attorney, Cook County federal crimes attorney, criminal activity, federal crime, Money LaunderingMoney laundering is a serious crime that involves the misuse of finances from certain properties. There are several ways that money laundering can occur, and this act can lead to unwanted consequences for both the person who committed the crime and the person affected by the crime.

What is Money Laundering?

Money laundering is the act by which a person knowingly disguises proceeds of criminal conduct by making them appear to have been acquired from a legitimate source.

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