In Ohio, money laundering crimes are taken seriously. If you are accused of being involved in any sort of laundering scheme, you could face harsh penalties. Michael C. Hennenberg is here to help, first by building the basics and explaining exactly what actions are categorized as money laundering.
In short, money laundering is defined as any act in which money that was obtained illegally becomes legitimized or concealed through legal means. Usually this involves passing illegal money through foreign banks or rerouting it through legitimate businesses.
Illegal money is a blanket term that covers any profit which was made from illegal activities. This can include fraud and illegal sales, such as the selling of drugs, firearms, exotic pets, or specific items banned from a country. Gang-related activity or human trafficking often results in illegal money that is laundered later to make it seem legitimate.
Generally speaking, money laundering occurs because it is otherwise difficult for the illegal money to be used. If no one is able to explain the origin of the profit, then it could potentially be traced back to the crime the money came from, which is an outcome anyone making illegal profit would want to avoid.
Have you been accused of money laundering? Are you currently facing charges but aren't sure what your next step should be? Consider taking a look at our webpage, linked here. It will take you to a site that discusses white collar crimes, including how to handle charges related to money laundering.