Title: Money Laundering | CriminalDefenseLawyer.com
Headings: Money Laundering
Money Laundering
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Spending vs Concealment
Concealment
Criminal Proceeds or Criminal Receipts
Illegal Activity
Penalties
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Content: For example, if you decide to run an illegal lottery in which you collect money from people who play and then pay the winners, this isn't money laundering. Though you're receiving money from illegal activity and using that money to pay winners, money laundering requires that you in some way try to hide the profits from your activity. Paying money to winners isn't considered concealing profits. Illegal Activity
Money laundering targets the specific act of concealing, or attempting to conceal, the ill-begotten proceeds of criminal activity. Courts have ruled that there must be some criminal activity involved that produced the profits before it can be money laundering. If, for example, you make $10,000 by selling a car and then try to hide that money from the IRS at tax time, you haven't committed money laundering. You've violated tax laws, but because the sale of the car was legal your actions do not count as money laundering. Penalties
State and federal money laundering laws differ significantly in the potential penalties associated with them. Money laundering convictions typically result in fines, prison, probation, or a combination of penalties. Prison.