If you have ever watched crime shows on television, you are probably familiar with the term “money laundering.” While most people know that money laundering is illegal, many are not sure about what it actually means. Money laundering is a very serious offense that is prosecutable at both the state and federal level, and as a federal offense, it carries the possibility of severe criminal penalties.
Understanding Money Laundering
Money laundering, in general, refers to a process through which a person or group of people attempts to conceal the sources, control, or ownership of money that was generated from certain crimes. It is common for money to be “laundered” by moving it to and from separate accounts, including foreign accounts, or by concealing funds amidst the revenue of seemingly legitimate businesses.
Many different types of crimes could generate funds that a person or criminal enterprise would wish to launder, including but not limited to:
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