Money laundering is the process of taking large sums of money that have been earned by criminal activity and making it look as if it came from a legitimate source. Any money that’s earned from these types of activities is considered “dirty.” So in a sense, it’s a process of “washing” it to make it look clean. It’s considered to be serious crime, which could leave you subject to stiff penalties.
How the Money Laundering Process Works
Money laundering is an essential process for any criminal organization that wants to use money that it has earned illegally. Working with large sums of “dirty” cash can put them at risk, so they need a way to deposit the money into legitimate financial entities (which can make it appear to be coming from legitimate sources). The process has three steps, which includes:
- Placement — Putting the “dirty money” into a legitimate financial system.
- Layering — Hiding the real source of the money through a series of complex transactions and bookkeeping tactics.
- Integration — Withdrawing the “laundered” money from a legitimate account so it can be used for whatever purpose that the criminals have in mind.
Money laundering can happen in many different ways, which can be very simple to extremely complex. But one of the most common techniques is to funnel it through legitimate, cash-based businesses that are owned by a criminal organization. They could exaggerate the number of cash receipts so they can pass illegal money through the restaurant and into its bank account, where they can withdraw the money whenever it’s needed.
They can also divide large sums of cash into smaller deposits that can be spread out across many different accounts, which can minimize the risk of detection. They can also use currency exchanges, wire transfers, and cash smugglers (which are often called “mules”) to sneak large sums of money into foreign bank accounts where money laundering laws aren’t as strict.
Criminal organizations can also invest in high-value commodities (such as gold and gems) that can be moved to a place of another jurisdiction, where they can quietly invest in and sell valuable assets that can include real estate, gambling operations, counterfeiting, and shell companies that exist on paper only.
Expert Criminal Defense Attorneys in the Coastal Bend!
If you’re being faced with money laundering charges for which you have been wrongfully accused, Gale Law Group has a team of criminal defense attorneys who can help you. We’ll look at every detail of your case, and we’ll come up with defense that we can present in court. We’re experienced in dealing with money laundering cases and any other types of criminal charges, which is why we’re your best choice for a money laundering attorney in the Coastal Bend.
If you’re looking for a great choice for a criminal defense attorney in Corpus Christi, TX, feel free to get in touch with us. We would be happy to speak with you about the details of your case!