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Facing money laundering allegations

On Behalf of | May 27, 2024 | White Collar Crimes

A money laundering allegation is a severe issue that can be a frightening experience. Florida takes financial crimes seriously, and understanding the process can help you navigate this challenging situation.

What is money laundering?

Money laundering involves concealing the source of illegally obtained money. Individuals often try to disguise these funds through various methods, such as smurfing (structuring), which consists of breaking down large sums of cash and depositing just below the amount that triggers mandatory reporting by financial institutions.

Others use fake businesses (shell companies) to move money through legitimate channels. Some individuals may also collude with bank officials, utilize offshore accounts, use digital currencies to move money anonymously or launder money through gambling platforms.

Potential penalties for money laundering

The severity of the penalties depends on the amount of money involved.

  • Third-degree felony: up to five years in prison for cash amounts between $300 and $20,000
  • Second-degree felony: up to 15 years in prison for cash amounts between $20,000 and $100,000.
  • First-degree felony: up to 30 years in prison for amounts exceeding $100,000

In addition to prison time, convicted individuals may pay significant fines of $250,000 or double the financial transaction amount. If the defendant is a repeat offender with a previous money laundering conviction, fines can increase to $500,000, or five times the financial transaction amount. Asset forfeiture is also possible.

Legal action after an accusation

Law enforcement will investigate the allegations, which may involve subpoenas, interviews and reviewing financial records. If there is enough evidence, you might face money laundering charges.

Naturally, this can be worrying, but know that you are not alone. With legal professionals, they can help you understand your rights, protect yourself and increase your chances of a favorable outcome.