This is my next post in a series of articles which address the topic of money laundering charges in Peoria, Illinois. My last article discussed the fact that all money laundering charges in Illinois are felonies. The class of felony, prison sentence, and fines imposed depend on the amount of money an individual laundered. The article also stressed the importance of contacting an attorney immediately after being charged. In this article, I will explain in detail the penalties for this criminal offense by the level of felony. I will also address how one can face numerous counts for laundering as well as additional or aggravated charges for other crimes and certain conduct. If you are facing money laundering charges and need assistance then contact my office today to speak with a criminal defense lawyer.
Penalties increase based on how much money a person laundered, whether charges are brought at the state or federal level, and whether the laundering was connected to additional crimes.
- Up to $10,000: Class 3 Felony; punishable by a sentence of two to five years in prison; fines up to $25,000; probation possible
- $10,000 – $100,000: Class 2 Felony; punishable by a sentence of three to seven years in prison; fines up to $25,000; probation possible but less likely
- $100,000 – $500,000: Class 1 Felony; punishable by a sentence of four to fifteen years in prison; fines up to $25,000; probation now allowed
- More than $500,000: Class X Felony; punishable by mandatory prison time of six to thirty years; severe fines; no possibility of probation
Illinois also allows for asset forfeiture when the government can prove that the asset was obtained through illegal conduct or utilized in connection with a crime. Assets such as bank accounts, properties, and businesses are examples of what may be seized by the government.
An individual may face multiple counts of money laundering because each separate financial transaction can be charged as a separate offense. Laundering money is often linked to other crimes such as fraud, embezzlement, drug trafficking, and others. Consider this example: a business owner running an illegal gambling operation collects a large amount of money from this illegal conduct. They then deposit the money in small amounts to several bank accounts in an effort to hide the criminal activity. The business owner could face multiple counts of money laundering – one for each transaction. They could also be charged with additional crimes such as operating an illegal gambling business.
Certain conduct can lead to elevated or aggravated money laundering charges with harsher penalties. Laundering large sums of money or committing this offense in connection with other serious crimes or as part of an organized criminal enterprise can lead to increased charges. Federal charges often have more strict and harsh penalties. For example, under federal law, laundering money in furtherance of a violent offense can add up to twenty years in prison for each offense.
Money laundering cases can be complicated for varying reasons. The best chance an individual facing charges has for reduced charges and penalties is to hire an experienced attorney. I am a Peoria criminal defense lawyer with significant experience defending those accused of laundering money. I am a former prosecutor and I take pride in giving each client respect and aggressive representation. Contact my office online or by telephone today if you or a loved one needs assistance. I also serve clients in Bloomington, Decatur, Eureka, Galesburg, Morton, Normal, Pekin, Springfield, and Washington and the counties of Fulton, Knox, LaSalle, Marshall, Mason, McLean, Putnam, Rock Island, Schuyler, Stark, Tazewell, and Woodford. Additional areas where we handle federal cases include Benton, Chicago, East St. Louis, Springfield, and Urbana.