Austin Money Laundering Lawyer
Defending Against Money Laundering Charges in Texas
Facing federal money laundering charges can be daunting and carries significant consequences if you're found guilty. If you find yourself under investigation or charged with money laundering, it's important to clearly understand how the law defines money laundering, the potential penalties, and the defense strategies that might be available to you.
When you contact the Austin money laundering lawyers at Cofer & Connelly, PLLC, our team can explain what you need to know about these charges so that you can effectively respond to these serious accusations.
Get in touch with our money laundering attorney in Austin today by calling (512) 991-0576 or by contacting us online!
What Is Federal Money Laundering?
Under 18 USC § 1956, money laundering involves making illegally obtained money appear legitimate. For instance, if you have money from illegal activities like drug trafficking or fraud, and you use it in regular financial transactions without drawing attention, you're engaging in money laundering. This can include depositing money in a bank, buying property, or making investments.
To convict you of money laundering, a prosecutor must prove several points. First, they need to show that you knew the money came from an illegal source. You don't need to know the exact crime, just that the money was illegally obtained. Secondly, your participation in a financial transaction with this money is crucial. This includes a wide range of financial activities like depositing, withdrawing, transferring money, or using a safe deposit box. Finally, the prosecutor must show your intent. They need to prove that your involvement had a specific purpose, such as promoting further illegal activities, hiding the illegal source of the money, or evading reporting requirements.
What Are the Penalties for Money Laundering?
If you knowingly engage in financial transactions with money from illegal activities and intend to promote more illegal activities or hide the nature, source, or control of this money, or avoid state or federal reporting requirements, you could face a fine of up to $500,000 or twice the value of the property involved, whichever is greater. Additionally, you could receive a prison sentence of up to 20 years.
If the laundering involves moving money or monetary instruments across U.S. borders, similar fines and prison time apply. U.S. courts can also have jurisdiction over foreign individuals involved in these activities. If you conspire to commit or attempt money laundering, the penalties are equally severe as those for completing the act.
A money laundering conviction can impact more than just your freedom. With a criminal record, it could be extremely difficult to get a job in banking or finance, which can result in the loss of professional licenses and damage careers in law, accounting, or other fields.
Engaging in Monetary Transactions With Property Derived From Illegal Activity
Under 18 USC § 1957, it is illegal to knowingly engage in financial transactions involving property worth more than $10,000 that comes from criminal activities. This involves using illegally obtained money or assets in significant financial operations like depositing, withdrawing, transferring, or exchanging through financial institutions. The critical factor is that the person knows the property is from illegal activities, though they don't need to know the exact crime involved.
If found guilty, you could face fines decided by the court or up to ten years in prison, or both. The court may also impose a fine up to twice the value of the property involved in the transaction, which can be very high if large amounts are involved.
What Is the Criminal Process for Money Laundering?
Money laundering investigations often begin with monitoring financial activities by agencies like the IRS, FBI, and the Department of the Treasury. Suspicious bank activities or transactions reported by banks can trigger these investigations. Agencies then review financial records, track transactions, and sometimes use undercover operations or informants to link money to illegal activities like drug trafficking or fraud.
If enough evidence is collected, you will be formally charged and required to appear in court. You can plead guilty or not guilty. If you plead not guilty, the case goes to trial, where the prosecution must prove you knowingly engaged in financial transactions with illegal proceeds. Both sides present evidence and arguments during the trial.
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