What is Money Laundering
If you haven’t been living under a rock for the past few years, you are probably already familiar with the TV series Breaking Bad. That series alone summed up the process of laundering massive amounts of money earned from illegal activities. If you or someone you know is facing charges of money laundering, you should get in touch with a Miami criminal lawyer without delay. Now we have all heard that crime doesn’t pay, but the truth is that at times the financial rewards have outweighed the effort and investment. The only problem is that most of this money is “dirty” and cannot be traced back to any legal source of income like a job, investment, or other earnings. In order to keep this cash usable, individuals ranging from small time drug peddlers to scammers who rake in millions of dollars partake in an activity commonly known as money laundering. Money laundering is exactly what it sounds like – “cleaning” money so that it appears to have been earned from a legal source. Now that we understand what money laundering is in basic terms, let’s take a look at how it is done.
How Exactly is Money Laundering Done?
In order to understand how money laundering is done, we will have to step back into the world of Breaking Bad. Those who follow it will already know this part, but for those who don’t, here are some pointers:
- First of all, money laundering is usually devised by a financial or legal expert. This means an accountant or attorney would usually be the place to start in order to make the money trail seem legitimate. This may include starting a new business, investing in property, or inheriting a large amount of money from an eccentric relative who you never met. This process is called placement.
- The next step is hiding all the money or layering – again, an accountant, financial adviser, or attorney would be of help. Hiding money is not as simple as stacking it up in a safe or in a secret crawlspace in your home. In fact, in many cases, opening an out of state bank account or offshore account is standard practice.
- The last step in the circle of money laundering is integration – bring the money back to your use. This is usually achieved by either purchasing a business yourself, or having a mystery investor from overseas invest in your business idea.
Legal Consequences:
Money laundering, concealment, and illegal activity pertaining to the two is deemed illegal in the United States. An experienced Miami criminal defense attorney is the best answer to combat any charges placed against you. An experienced criminal lawyer in Miami will be there to represent you at every stage of the process according to the best of his capability. He will make sure that none of your rights are infringed at any stage throughout the entire process. It is imperative that you get in touch with a lawyer now in order to have a head start.