Money Laundering: A serious crime that should be dealt with strict laws

Money laundering being a white collar crime is relatively a new crime. It involves getting money through illegal source or activity. Money laundering is being considered as a criminal offence from the year 1986 when the Comprehensive Crime Control Act had been passed by Congress.

Money Laundering Charges: In most of the section of society, money laundering is supposed to be ‘dirty’ money being invested to purchase immovable or movable assets so that the black money can be converted to white one.  One thing should be kept in mind that money laundering does not necessarily imply the money to be converted into different form either by investing or buying something. A person can be charged with money laundering if he earns the money through any kind of criminal activity.

Sources of Money Laundering: There are various sources of money laundering. Following are the names of the sources.

• Extortion, bribery, or blackmail
• Money obtained as a ransom
• Medical or Financial fraud
• Trafficking of illegal goods (drugs, contraband) or people.

Any kind of illegal activities that are resulted in payment can be considered as money laundering. Money laundering, in itself, is a serious crime. Having combined with other charges, it could land you in prison for many years and sometimes it becomes difficult to get bail.

If you are charged with money laundering, it would be prudent to contact a criminal defense lawyer. He can work out the right defense strategy with the help of a money laundering accountant.