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An overview of money laundering

| Jun 25, 2016 | Criminal Defense |

When it comes to financial crimes, money laundering charges are particularly harsh. For those who live in Minneapolis, or anywhere else in the state of Minnesota, these accusations can lead to a significant amount of time behind bars and stiff fines. According to the Internal Revenue Service, those charged with money laundering may face $500,000 in fines and a prison sentence of up to 20 years.

On their website, the Federal Bureau of Investigation provides helpful information regarding money laundering, which involves disguising or concealing illegal funds in order to make the funds seem lawful. Furthermore, money laundering cases vary dramatically. For example, some may involve human trafficking or drug trafficking, while others may involve terrorism or healthcare fraud.

Through money laundering, people are able to build wealth while evading taxes and hiding funds. Whether individuals attempt to launder money by investing in real estate, utilizing digital currencies or turning to a third-party service provider, the consequences of money laundering charges can permanently turn someone’s life upside down. Sometimes, the federal government cooperates with local authorities and officials outside of the United States to combat money laundering.

For those facing money laundering charges, their life may never return to normal. Moreover, the accusations could have a drastic effect on their loved ones, who could suffer emotionally and financially. From job loss to a shattered reputation and lengthy prison sentence, these charges are very serious and it is crucial for people who have found themselves in this situation to carefully consider each and every option.