About Money Laundering in Detroit, MI
Money laundering is a process of filtering the money earned by a criminal enterprise through a series of financial transactions which make the proceeds appear legal. This illegal activity usually involves fraud, drug trafficking, white collar crimes and organized crime. The federal government has more than 170 different crimes listed under the federal money laundering statutes; these include terrorism, sale of firearms and even murder for hire. Because this offense has ties to the most serious of criminal acts, hiring an excellent money laundering attorney is of the utmost importance.
Money laundering doesn’t have to involve cash every step of the way, any transaction through a financial institution could possibly qualify as money laundering. The funds procured illegally are deposited at a bank. After that, they are “cleaned.” That’s done by converting the initial cash into money orders, stocks, wire transfers, buying of other assets, etc., then, through these legal transactions, they money is transferred back to the party that made the initial deposit. It could be an individual, business or a corporation whose sole purpose is to act as a front for illegal activity. After the money is funneled through these legitimate accounts and other securities, the clean money is used to further promote the continuance of illegal activities.
Under the Michigan Compiled Laws, it is illegal to engage in certain financial transactions with revenue generated through unlawful activities. The criminal penalties for such violations can be a fine of up to $500,000, or twice as much as the monetary instruments involved, whichever one is greater, or 20 years in prison, or possibly both. A subsection of the code allows for an undetermined fine and 20 years in prison, or both.
In the case of asset forfeiture, any real or personal property bought with laundered funds is subject to seizure and forfeiture. If the government seizes your property, a money laundering defense includes requesting of a judge to determine if that property really is subject to the forfeiture or if it should be released back to the owner. The judge may look at various issues; this includes deciding if there is a link between the property and the offense in question.
The money laundering attorneys at Legalquest Network Team provide legal assistance in the cities of Detroit, Dearborn, Southfield, Ann Arbor, Lansing, Grand Rapids, and Sterling Heights.