Helping North Texans Erase Criminal Records

What is money laundering?

On Behalf of | Aug 16, 2021 | White Collar Crimes

People who are making money often don’t want to walk around carrying large sums of cash. Instead, they want to put that money into a bank account. Financial institutions, such as banks, often have policies in place to ensure that they’re only handling money that was legally made.

Banks have to report any transaction that involves a large amount of money, as well as those that show signs of being suspicious. This means that some individuals might need to make money appear as though it was earned lawfully. For some, money laundering is the way they handle this.

Why is money laundering illegal?

Money laundering means that a person funnels money through a legitimate way to earn it so that it makes it appear as though it was obtained legally. This is illegal because it provides criminal enterprises with a way to mask money, which can enhance their ability to continue to perform the illegal activities.

The methods of money laundering vary greatly, depending on the purposes and what’s available. These cases often involve considerable documentation and possibly a lot of evidence. Taking the time to review this and learning about the ways you can poke holes in the prosecution’s case are usually necessary for a suitable defense.

Being accused of money laundering is a serious charge. It’s imperative that you seek assistance as soon as you find out that you’re under investigation or that charges have been filed. This gives you a chance to explore your options for a defense strategy. The sooner you get started on that strategy, the more time you have to ensure that you’re doing what’s in your best interests.