Understanding the Federal Offense of Money Laundering
Can you face specific charges for money laundering under federal law? This is a particular type of federal offense, and the consequences can be severe if you are convicted. It is generally understood as a type of white collar criminal offense that is also linked to fraud, and there are three different types of criminal conduct that can result in charges under the federal money laundering statute. Our Tampa federal white collar criminal defense lawyers can explain the law in more detail, and we can discuss your case with you as soon as you are ready to begin working on a defense.
Defining Money Laundering Under Federal Law
What does money laundering mean, and what does it actually involve? According to the Financial Crimes Enforcement Network (FinCEN), “money laundering involves disguising financial assets so they can be used without detection of the illegal activity that produced them.” To further clarify, in a money laundering scheme, FinCEN explains, “monetary proceeds derived from criminal activity [are transformed] into funds with an apparently legal source.”
Given the nature of money laundering, when federal charges are brought, the person facing charges is also typically facing additional criminal charges for the offense that resulted in the acquisition of the illegal funds in the first place.
Specific Money Laundering Offenses Chargeable Under Federal Law
The federal offense of money laundering can be prosecuted in different ways under 18 USC 1956, which is the statute for prosecuting “laundering of money instruments” more broadly.
Under Section 1956(a), there are three different types of criminal conduct that can be prosecuted in relation to money laundering:
- Section 1956(a)(1): Domestic money laundering transactions;
- Section 1956(a)(2): International money laundering transactions; and
- Section 1956(a)(3): Undercover or “sting” money laundering transactions.
Penalties for a Federal Money Laundering Conviction
For money laundering alone, under any of the above sections, a conviction can result in a term of imprisonment of up to 20 years, and a substantial fine (often of up to $500,000).
Even though money laundering is a white collar crime, it is critical to know that federal law treats many white collar crimes more seriously than certain other offenses, and a defendant is often facing decades in prison in the event of a conviction.
Contact a Tampa Criminal Defense Lawyer to Begin Working on a Defense Strategy to the Money Laundering Charges You Are Facing
Anyone who is under investigation for money laundering or who is facing federal charges related to money laundering or another type of white collar crime should seek legal assistance as soon as possible. An experienced Tampa federal criminal defense attorney at the Law Offices of Daniel J. Fernandez, P.A. can speak with you today to learn more about the details of the charges you are facing and to begin working with you on a defense strategy that is tailored to your specific needs. Contact our firm today to learn more about the federal criminal defense services we provide to clients and how we can help you with your defense strategy.
Sources:
law.cornell.edu/uscode/text/18/1956
fincen.gov/what-money-laundering
