Money Laundering Defense in Oakland County
Have you been arrested on suspicion of money laundering? Money laundering is a white collar crime that involves attempting to hide the true source of money. For example, if money was obtained through drug trafficking, prostitution, embezzlement, or another
white collar crime, the offender cannot spend the money without the risk of the money being tracked. They also cannot deposit the money into a bank as financial institutions are required to report unusually large sums of money coming into their hands. It is estimated that billions of dollars are laundered every year and the U.S. government is determined to stop it. This results in aggressive prosecution and harsh penalization.
How Money Laundering Works
If an individual obtains a large sum of money through some type of illegal activity, they may come across problems regarding what to do with the cash. Not only is it bulky and heavy, but it tends to draw the attention of the authorities. This being said, money laundering is committed in order to make dirty money look legitimate. There are three main steps to money laundering: placement, layering, and integration. The first step is also the most dangerous. The money launderer has to deposit the money into a financial institution. As banks are required to report high volumes of cash entering their door, this step needs to be completed very carefully.
Once this step has been completed, the next phase is layering. By working to change the money's form, it can be more difficult to track. The individual may split the money between several foreign accounts, invest is in different ventures, use some of it to make a large purchase, and more. With the money changing hands and currency and moving from country to country, it adds difficulty to tracking. The last step is integration. After several layers of deposits, purchases, and investments, the money can return to the U.S. into the bank account of a local business. By claiming that they are investing in this business, the transaction appears to be legitimate.
Have you been accused of money laundering?
Money laundering is a necessary part of several crimes. However, if you are under suspicion, you need a special legal representative to protect you. You could be under investigation by the State Department, the Department of Justice, the Federal Bureau of Investigation, or the Drug Enforcement Administration. Due to this fact, you are up against agencies with a great deal of resources and manpower. In order to have a chance of a successful resolution of your case, you need a strong attorney on your side.
To discuss your case with Daniel D. Hajji, contact us today!