There are many kinds of white collar crimes, and many specific laws created to deter them. One of the most common types of white collar crime is money laundering. In general, money laundering occurs when a business attempts to hide the source of illegally obtained money or uses legitimate operations to move money from an illegal source to a legal one, making it appear “clean.”
Money laundering laws began to take effect in the 1970s and have continued to build in complexity and scope for the last 40 years or so. Most of the laws that pertain to money laundering institute specific regulations that require a businesses or financial institutions to either report or maintain proper accounts for transactions over a certain size.
Money laundering came under particular scrutiny after the attacks on Sept. 11, 2001, when it became apparent to Congress that money laundering had played a part in funding terrorism.
Since that time, financial institutions face stricter regulations not only about the source of funds but also over determining the personal identity of individuals involved in transactions over a certain size.
If you face money laundering accusations, you should take them very seriously. These are certainly significant charges that may mean jail time. However, like any criminal charge, you can fight for your rights and freedom by mounting a strong defense. Building a strong defense is usually most effective with the aid of an experienced criminal defense attorney who understands the intricacies of money laundering laws and can use the law to fight for you and protect your interests.
Source: FindLaw, “Money Laundering,” accessed July 07, 2017