Individuals who enjoy watching crime shows on television have likely heard of various types of financial crimes. Money laundering, for example, may be included in a list of charges a fictitious criminal will face at trial, but it may not be something that viewers can easily identify. This post will offer Arkansas residents a brief introduction to the crime of money laundering and the elements that generally must be proven in order for a person to be convicted on their charge
Money laundering starts with allegedly dirty money. Dirty money is money that has been obtained from an illegal pursuit. For example, if a person allegedly makes money by selling illegal drugs, their income may be considered dirty money because the purchase and sale of such illicit materials is illegal.
Next, the dirty money must be laundered so that it appears to be clean or legitimate money. In order to clean it, the money is often deposited into a bank where it can be run through many different financial transactions. The purpose of these transactions is to obscure the money’s origins and illegal ties. Once the money is run through many transactions, it may be comingled with clean money and used for a legitimate pursuit so that it also have the appearance of a clean history.
Money laundering is illegal because it attempts to hide the financial paths of illegal transactions. It is a white collar crime; therefore, it can be seriously penalized under the law. An individual who is accused of money laundering may want to find legal help with a knowledgeable white-collar defense attorney who can help them prepare a strategy to protect their rights.