Money laundering is often used to hide the actual source of money. In most cases, it is done when the money is being made through illegal means. Laundering money is a way to show the government that the money is being made legally. It allows you to use the money that you are making without the IRS (Internal Revenue Service) getting suspicious. The government takes money laundering very seriously and tries to deal with it as strictly as possible. Being charged with money laundering could result in severe punishment for the perpetrator.
Money laundering is conducted in different ways, depending on the type and amount of money being laundered. Small amounts of money are laundered through businesses through which the money is channeled, making sure banks accept it. For larger sums of money, offshore shell companies may be created and false receipts are generated to make it look like the company is making profits. This money is then transferred back in to the country into different checking accounts at different banks.
The IRS and other law enforcement agencies often follow the money trail in order to figure out where the illegal money is coming from. They look for loopholes in the trail, which could lead them to the source of the money. The government has passed several laws to make money laundering a federal crime.
If you have been accused of money laundering, it is important to discuss your case with an experienced defense attorney. The attorney will assess your case and try to prove that you were innocent.