Money Laundering Charge or Arrest in New York
People make money from innumerable sources. Primary jobs people hold, stock market investments, property investments, inheritances and the like are just a few examples of income in American society. Any capitalist economy encourages its members to be as enterprising as possible, but there is a downside to this wide-open opportunity for everyone.
There are unfortunately many instances where an individual or an entire enterprise generate income from illegal sources — gambling, drug dealing, loan sharking and dealing in stolen goods are just a few examples. Even if the original criminal activity is not prosecuted, those who receive the benefit of this income need to come up with some sort of strategy in terms of recording this income. Failing to do so and simply depositing any income of this nature in the bank can and usually will lead to charges of tax evasion, which in turn can expose the original criminal conduct.
The strategy most often used is called money laundering, and this is a prevalent activity in both New York and all over the world. If you are facing the prospect of an investigation or even an indictment for money laundering, contact our attorneys to schedule an initial consultation. In the meantime, below is a brief overview of the money laundering issue in New York.
Money Laundering Defined
Money laundering is generally defined as converting income derived from illegal activities to some form of transactions that give the appearance of legally-generated income. Usually, money laundering is charged as a federal offense, as at some point in the process, banks are involved, even if that bank is completely innocent and merely accepts what appear to be legitimate deposits.
Money laundering is also something that's investigated by the Internal Revenue Service, and the way in which many guilty of money laundering are prosecuted involves charges of tax evasion or tax fraud, as at its base, money laundering involves not reporting certain income both for the purposes of not disclosing illegal activities to the government and in order to avoid paying income tax on revenue derived from these activities.
Money laundering has also come under a higher degree of scrutiny since 9/11, as many terrorist organizations are involved in this activity in order to fund their criminal behaviors. Whether you are involved in this or not, you could face stiff fines and extremely harsh penalties for money laundering even if you are not involved in the funding of terrorism.
Punishments for money laundering are always quite severe. You could face many years in prison and fines that may never reasonably be able to be repaid. If you are facing this scenario, contact the Blanch Law Firm as soon as possible to schedule an initial consultation.
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