Money laundering is one of the most common—and serious—white collar crimes. But, what is it? When can someone be charged with money laundering in Colorado? Here’s what you should know:
What is Money Laundering?
Money laundering involves taking money or other valuable assets that have been illegally obtained and either hiding their source or making it appear as if they came from a legitimate source in order to avoid legal penalties. For example, money obtained from selling drugs would need to be “laundered” because the source of the money is a criminal activity.
There are many different ways to commit money laundering. In many cases, the money is laundered through a business owned by the person committing the crime. For instance, let’s say a man needs to launder money that was obtained through illegal drug sales. To do this, he opens a pizza restaurant, then inflates the restaurant’s sales in order to make it look as if the source of the money that he is depositing in the bank is from the restaurant. Doing this hides the actual source of the money, which is a criminal activity.
Money Laundering Penalties
People who are charged with money laundering can face serious penalties. Money laundering is a class 3 felony in Colorado, which means anyone who is convicted of this crime could face between 4 to 12 years in prison and up to $750,000 in fines.
However, it’s important to note that these penalties only apply to state money laundering charges. Money laundering is often charged as a federal crime, which means the defendant could face even more serious penalties. People who are convicted of federal money laundering charges face up to 20 years behind bars and massive fines. The defendant can be ordered to pay either twice the value of the assets involved in the crime or up to $500,000.
But, these are usually not the only penalties that people accused of money laundering face. Most defendants face additional charges for other crimes that are connected to money laundering, such as tax evasion or fraud. Each of these crimes carries their own penalties, which means the defendant will have to face the penalties for these crimes in addition to those related to money laundering.
It takes a skilled and knowledgeable criminal defense attorney to defend someone against these serious charges. If you have been accused of money laundering, seek legal representation from the experienced criminal defense attorneys at Reisch Law Firm right away. Schedule a free consultation today by calling 303-291-0555 or filling out this online form.
