Federal Money Laundering Investigations in Illinois

 Posted on March 14, 2024 in Money Laundering

IL defense lawyerMoney laundering is the crime of disguising the illegal source of financial assets. To conceal the origins of this “dirty” money, a perpetrator may make transfers to multiple offshore bank accounts. If the perpetrator has a legitimate business, the individual may mix the money gained through illegal means with the revenue earned by the legal business.  

If you are facing criminal allegations of money laundering, you will be investigated by a number of federal agencies. Overseen by the Department of Justice, these law enforcement agencies have vast resources to conduct a thorough investigation into your case.

Money laundering accusations are serious, and if you fail to hire an experienced Chicago money laundering lawyer, your entire future may be in jeopardy.

U.S. Department of the Treasury

The Department of the Treasury strives to safeguard the country from national security and terrorist threats. A special division known as the Office of Terrorism and Financial Intelligence (TFI) works to protect financial institutions both nationally and abroad. TFI, along with the Financial Crimes Enforcement Network (FinCEN), seeks to disassemble money laundering schemes.

The Treasury Department works to identify and destroy money laundering networks. The Department has been cracking down on high-end real estate transactions by tracking and monitoring sales. Taking down money laundering networks also prevents illegal funds from being transferred overseas, preventing terrorist groups from being financed.

With the COVID-19 pandemic, more transactions are now performed online, facilitating an increase in money laundering activity. In recent years, there has been a notable rise in the number of people who have facilitated concealing the source of laundered money.

Federal Bureau of Investigation

You may think of the Federal Bureau of Investigation, or FBI, as an agency that investigates violent crimes. That is only a small part of what they do. The FBI investigates money laundering and other white-collar crimes. The FBI works closely with the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and FinCEN to uncover who is behind each illegal trade.  

Securities and Exchange Commission

In 2023, the Securities and Exchange Commission (SEC) announced new anti-money laundering requirements for broker-dealers. Investment firms must comply with Anti-Money Laundering (AML) requirements.

This Risk Alert addressed each firm’s compliance with AML requirements, including:

  • Training personnel
  • Testing of AML programs
  • Verification of customers and account beneficiaries

How Can a Money Laundering Attorney Help Me?

The Racketeering Influenced and Corrupt Organizations (RICO) Act gives federal agencies the authority to investigate federal crimes. RICO strives to eliminate organized crime. With government agencies having free reign to investigate your alleged crime, you need strong representation.

When you retain the services of a Chicago money laundering lawyer, they will defend your interests. You may have had no knowledge that you were acting illegally, or you may not have committed the offense. Our attorney will conduct their own investigation and will determine the best course of action.

Facing Accusations of Money Laundering? Contact our Chicago, IL, Money Laundering Lawyer Today

A federal money laundering conviction comes with decades in prison and potential fines well into the six figures. If you have been charged for money laundering, there is no time to wait. Do not hesitate to speak with our Chicago, IL, money laundering lawyer today. To schedule your free consultation, contact Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney online or by calling 312-629-0669.

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