Money laundering is the process of concealing the origins of illegally obtained money and making it appear legal, or “clean.” Typically, this process involves three steps: placement, layering and integration. First, the illegal funds are introduced into a legitimate financial system. Next, the money is moved around, whether it’s by transfer or wire, through several accounts. Finally, it is integrated into the financial system through transactions until the “dirty” money appears “clean.”
However, a suspect can only be convicted of money laundering if they commit the crime knowingly. Many times, parties are unaware of their part in money laundering, simply by being part of the entity conducting illegal business. According to the Massachusetts General Laws, Chapter 267A, Section 2, to be convicted of money laundering, parties must knowingly:
- Transport or possess money or other property that was derived from criminal activity
- Engage in transactions involving money or property known to be derived from criminal activity
- Direct, organize, finance, plan, manage, supervise, or control the transportation or transactions of the money derived from criminal activity
Money Laundering Consequences
Penalties for a first-time money laundering conviction include a prison sentence of up to 6 years, along with a fine of no more than $250,000 or twice the value of the money or property transacted, whichever is greater. A second offense carries a minimum prison sentence of 2 years, but no more than 8 years, and a fine of less than $500,000 or three times the value of the money or property transacted, whichever is greater. If the money laundering case goes to federal court, a conviction could carry up to 20 years of prison time.
Brad Bailey is led by a nationally-known Boston money laundering lawyer with over 35 years of experience and more than 100 superior and federal trails under his belt. Our team firmly believes that everyone is innocent until proven guilty, and if you enlist our legal guidance, we can work every angle of your case to prove your innocence.
Call (617) 500-0252 or contact us online to discuss your charges.