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What constitutes the crime of money laundering?

| Feb 1, 2021 | Uncategorized |

Money laundering may seem simple, but it is actually a very complex crime. Money laundering is a way for a person to turn “dirty” money into “clean” money meaning those who commit this crime hide and accumulate wealth with the intention of avoiding prosecution, evading paying taxes and funding additional crimes. The following is a brief overview of money laundering, but as always, those in Brooklyn accused of this crime should seek legal advice not provided in this post.

Types of money laundering crimes

There are a variety of crimes that fall under the umbrella of money laundering. Some examples include:

  • Complex financial crimes
  • Health care fraud
  • Public corruption
  • Drug trafficking
  • Human trafficking
  • Terrorism

These are only some examples of money laundering crimes; there are others.

The steps in the money laundering process

Money laundering is a three-step process. The first step is placement, in which a person initially puts the funds into the financial system. The second step is layering, in which the funds are separated from their original source and go through a complex trail of financial transactions. The third step is integration, in which the person’s proceeds are returned to them from a supposedly legitimate source.

Seek assistance if accused of money laundering

The federal government and government of New York will actively search for and prosecute money laundering schemes. A conviction can result in fines and significant jail time. It is important if you are accused of this crime to develop a solid defense strategy. Our firm’s webpage on money laundering may be a useful resource in such situations.