Money laundering is a White Collar federal crime involving illegally acquiring money through criminal activity and attempting to make the money ‘clean’ by processing a transaction through a company or institution.
Laundering funds was made a federal crime in the U.S. by the Money Laundering Control Act of 1986. Details of this crime are found in 18 U.S.C. Section 1956 & 18 U.S.C. Section 1957.
If you’re under investigation for Money Laundering and facing Federal Charges and Prison, contact us now so we help you pre-qualify for early release programs authorized by the Federal Bureau of Prisons.
18 U.S.C. Section 1956 captures an individual for promotional money laundering, which involves encouraging criminal activity and having intent. In addition, the section also captures concealment money laundering, which involves disguising the source or location of the money. The accused knew the money was tainted.
18 U.S.C. Section 1957 makes it a crime to spend $10,000 that has been collected from unlawful activities. The money must pass through a financial company to be captured under this section.
There are a number of agencies that are involved in investigating laundering depending upon the circumstances of each individual case.
This can include the Federal Bureau of Investigation (FBI), Postal Inspection Service, the Internal Revenue Service Criminal Division (IRS CID), U.S. Immigration and Customs Enforcement, and Environmental Protection Agency. If an individual is charged with money laundering, they will be prosecuted by the U.S. Department of Justice.
In particular, the Money Laundering and Asset Recovery division will deal with the prosecution of money laundering. This can include federal crimes under 18 U.S.C. section 1956 and 18 U.S.C. section 1957.
There are some state laws that cover money laundering cases. Money laundering charges must be brought within five years under the statute of limitations and 18 U.S.C. section 3282(a).
The penalties for money laundering are serious and can have devastating effects. In particular, there are severe penalties under 18 U.S.C. section 1956. If found guilty, a person can be sentenced to up to 20 years in prison for their crimes. 18 U.S.C. section 1957 states that if a person is found guilty, they can be subject to up to 10 years imprisonment.
Every case will be different. Factors that are taken into account when sentencing a defendant include the value of the money that was laundered and the intent and accountability of the defendant in the criminal activity.
There can also be fines issued of up to $500,000, depending upon the facts of the individual case. In many cases, if the Government will issue a motion and get a court order for forfeiture to recover and penalize funds a defendant received for his crimes as ill-gotten gains.