Being charged with money laundering is often a shocking and very stressful situation. The attorneys at The Cochran Firm Criminal Defense believe in the innocence of their clients. If you have been charged with money laundering, we are prepared to provide you with knowledgeable and effective legal counseling in order to prove your innocence.
What is Money Laundering?
Money laundering is the disguising of the illegal origins, identity or destination of large sums of money. Once the laundering process has been completed, the money is reintroduced into the financial system through legitimate means, such as genuine businesses and investments.
This method of “cleaning money” allows individuals and groups who have obtained money illegally to use that money without being connected to the illegal operations which brought the money into their hands to begin with. Money laundering is often connected to other forms of white collar crime. Some examples of these related crimes are tax evasion, organized crime and drug trafficking.
Money laundering used to be associated with organized crime alone. Now perpetrators of this type of white collar crime may include:
- Organized crime groups
- Small businesses
- Large businesses
- Corrupt officials
- Corrupt states
How Money Laundering is performed
There are three main steps to the process of money laundering. First is the placement of the money. This is the point in which the money is introduced into a legitimate financial system through several small bank deposits made in the form of cash.
Next, layering of the money is put into action. This involves placing the money through multiple complex transactions in order to deem it more difficult to trace from its origin to its current location. This usually involves transferring the money in and out of several unrelated and international accounts. As these transactions are made, the type of currency changes and a few large purchases are made.
Finally, integration of the money takes place. This is the final step in the process of money laundering. During integration, the money re-enters the economy under the guise of originating from a legitimate source.
Contact Our Money Laundering defense attorneys
At The Cochran Firm Criminal Defense law offices, we believe it is possible to obtain a favorable ruling which includes reduced or dismissed charges for our clients who have been falsely accused of money laundering or any other form of white collar crime. Please schedule a money laundering defense consultationtoday.