Florida | Money laundering

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Money laundering is a tool used in white collar crimes and it strives to convert illegal money into money that can be freely spent, because it has been rid of the trail of bad origin. Money laundering is a complex process that includes multiple steps before reaching its desired goal.

1) Money is obtained from illegal actions or transactions.
2) This money is then regularly handled, as a part of an action called placement that brings the money into the cash flow of the economy.
3) The money goes through a series of steps that are aimed at hiding, where the money originated from. These actions may include any types of transactions and money handling.
4) The money is subsequently used without any restrictions and its history has been altered.

How is money laundering done?

One of the traditional approaches is paying employees under the table, using illegally obtained funds. No records of any working relationship or funds being paid are maintained, and the payments are made only in cash. This time of earned money is called a black salary.

Bulk cash smuggling puts laundered money into a bank account in a different area. Places are chosen based on their ability to keep sensitive information hidden, and the approach of their law system towards money laundering, which has to be loose. A similar approach called smurf-ed money divides the funds into smaller amounts that are then deposited. The size of the deposits is established to prevent red flags from being raised.

Any type of a business that intensively works with cash can fall prey to money laundering, because of the size of its cash-flow circulation. Illegal money can be lost in the amount of money that goes through the business everyday, and even look as a legal asset.

Countries with bad quality of anti-money laundering laws become targets of this type of illegal activity, because they provide small or no oversight of local banks. Criminals then gain controlling interest in these institutions and are able to continue in money laundering without any trouble through a bank institutions that has been legitimately established.

Foreign countries are also used for money laundering in round-tripping. After money is sent to a foreign company, it is then imported back as an FDI. Companies are established in countries with bad tax infrastructure. This approach allows for hiding the trail by taking advantage of tax systems that don’t require record keeping, the records are in a bad shape, or can be altered. In addition, the money brought back is not subject to taxation, because it is labeled as a foreign direct investment.

Sales of houses and other buildings can serve as a disguise for illegal business. Real estate is bought with illegal money, but then sold in a legal transaction, the origin of the money is hardly traceable. This approach can be also often combines with under the table payments to artificially lower the selling price of the asset.

Shell companies and trusts are used, because certain areas do not require the listing of owners of these corporations. Therefore, any money that enters its financial system is untraceable and cannot be connected to any transaction, even when the money comes from illegal activity.

Regardless of the type of handling and approach to money laundering, punishment is harsh in the state of Florida. Even if the strategy is not listed here, but does include converting illegal money into clean capital, there is not exception to the law, and the punishment will follow.

If you have been charged, contact starlaw.us will help you build a solid defense in a money laundering case and receive the help you deserve.

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