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Money laundering and its potential consequences

On Behalf of | Jan 7, 2022 | White-Collar Crimes

White collar criminal offenses are those that involve illegal activity for the purpose of financial gain. These cases do not typically involve an element of violence, yet the penalties for any type of financial crime can be steep, including the possibility of a prison sentence. Money laundering is a common type of white collar crime, and individuals in Michigan convicted of this type of offense could face consequences that may affect the rest of their life.

What is money laundering?

Money laundering is a way to effectively hide and use illegally gained money. It occurs by taking the money and depositing it into legitimate operations so that it appears to be legitimately gained. This process generally takes place in three steps:

  • The dirty money is placed into a legitimate financial institution or legitimate business operation.
  • The money is layered through a series of transactions and bookkeeping techniques to conceal its source.
  • The money is taken from the legitimate accounts and integrated into the criminal operation in various ways.

Money laundering can take place in many different forms, and it can involve one or all of these steps.

The right defense for the accused

Those accused of money laundering or any type of white collar crime will benefit from seeking defense counsel as soon as possible. A Michigan attorney experienced in federal criminal cases can provide the insight and knowledge necessary to build a strong defense strategy. Regardless of the charges one is facing, a defendant is entitled to a defense and the protection of his or her constitutional rights.