This is my next post in a series of articles which address the topic of money laundering charges in Peoria, Illinois. My last article provided an overview of the particular topics I will be writing about such as the criminal consequences, constitutional protections, federal charges, and more. It also addressed the importance of contacting an attorney as soon as possible following being arrested. In this article, I will explain what types of conduct constitute this offense and offer an overview of possible penalties that defendants may face. If you or a loved one are in need of assistance then contact my office today to speak with a criminal defense lawyer.
Money laundering occurs in Illinois as a result of several different types of conduct
Money laundering typically involves making it appear as if money obtained through criminal activity came from a legitimate source. The motivation behind doing this is often marked with the desire to use large amounts of money for profit or personal gain. Both the state of Illinois and U.S. federal law penalize money laundering. Federal laws are generally more broad and the penalties are harsher than those from the State. Conducting financial transactions with criminal proceeds could involve making deposits, withdrawals, transfers, or any other transaction with money an individual knows came from illegal activity. Concealing or disguising the nature, source, location, or ownership of illicit funds also constitutes money laundering. This can be done by hiding money in shell companies, using multiple bank accounts, and falsifying records. Moving money within Illinois or across state or international borders and providing false or misleading information to banks are additional ways to launder money. An individual could also break up large transactions to avoid the detection of suspicious activity.
Illinois classifies money laundering as a felony and penalties become harsher based on the severity of the conduct. For example, if an individual launders $10,000 or less, they face a Class 3 felony, two to five years prison time, and fines which can be costly. On the other side of the spectrum, a person charged with laundering more than one million dollars can face a Class X felony, six to thirty years in prison without probation, and severe fines. An individual will also be saddled with a permanent criminal record. This can make it highly difficult to obtain a professional license or to pass a background check. Moreover, one will forever be barred from possessing a firearm under state and federal law.
Consider this example: a restaurant owner deposits cash from drug sales into a business’s bank account in an attempt to make the money seem legitimate. The owner sends money to another account that they own in an attempt to conceal the sources of illegal money. The restaurant owner could be charged with multiple counts of money laundering as each financial transaction can be charged as a separate offense. Such conduct could also lead to other criminal offenses like drug trafficking, tax evasion, or wire fraud. How a prosecutor will choose to charge any given case will always depend on the facts of the situation.
Peoria residents should retain an attorney if they face money laundering charges
Retaining an experienced attorney if you are facing money laundering charges is critical. Doing so could help mitigate the severity of the charges and penalties. These cases are often complex due to several factors. One complication arises from search and seizure issues. Law enforcement relies on financial records, electronic transactions, and business documents in money laundering cases. They are bound by protections awarded by the Fourth Amendment, so records must be obtained legally or else the evidence could be inadmissible in Court. Additionally, not every suspicious financial transaction constitutes money laundering. An attorney can help defend an individual wrongly facing charges. Intent is an important issue of fact in these cases. In illinois, an individual must have the intent to launder money. An employee who processes a transaction unknowingly engaging in fraud may be accused of money laundering even though they had no intent to do so. An attorney can help present the facts of your case in the best light possible to the judge and jury.
I am a Peoria criminal defense lawyer with significant experience defending the rights of the accused and pride myself in providing quality representation to all. 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.