Money Laundering Lawyer in Miami

Money laundering is a serious federal white collar crime. This type of offense is governed not by Florida state law but by federal law. This means that the legal consequences for a conviction of this sort will resort in very serious fines and/or imprisonment.

If you have been charged with a crime pertaining to money laundering, your first step is to understand what you are being charged with and the potential punishment you may face if convicted. The best way to understand and begin to prepare is to seek the services of an experienced attorney, such as Miami money laundering defense attorney Evan Hoffman. With many years of experience as both a prosecutor and a defense lawyer, Evan Hoffman is prepared to explain the elements of your money laundering charges. By explaining these elements, he can give you a better idea of what needs to go into an effective defense strategy.

Fight for your best possible outcome by calling (305) 928-1669 now. Call 954-737-3004 if you are in Broward County. 

What Is Money Laundering?

According to Congress’ Money Laundering Control Act of 1986 (MLCA), 18 U.S.C.A. §§ 1956 et seq., money laundering is an illegal activity defined as taking the proceeds of criminal activity and making them appear legal. This offense is counted as a felony.

Most of the money laundered in the United States comes from the marketing of illegal narcotics. Other “laundered” money may come from illegal activities, such as the selling of “black market” goods, and/or services like prostitution and illegal gambling.

A person or entity that obtains large amounts of money through an illegal activity needs to try and “legitimize” their earnings by making it appear that the money was obtained through legal means. Without “legitimizing” their money they are not able to openly place (placement) their money into banks, make large purchases, etc. because governing bodies like the Internal Revenue Service would notice and possibly take legal action against them.

“Placement” is the legal term used for converting cash into legal negotiable means by depositing it into financial institutions, such as banks. Under the federal Bank Secrecy Act of 1970 (BSA), 31 U.S.C.A. §§ 5311 et seq., financial institutions are required to report deposits of more than $10,000 in cash made by an individual in a single day. Therefore, the person or entity may set up a “front” or “façade” business through which they would then pass their illegal earnings making them appear to be legal.