The topic of money laundering has come up often in the news lately, but what is money laundering? Many Ohio residents may not be aware that it is a crime to conceal the identity, source or the destination of money. For example, banks and various types of financial institutions are required to report financial transactions over a certain amount.
Lawmakers say that criminals sometimes seek to conceal the illicit nature of their income through various money laundering schemes. These often involve working with another partner in a transaction that, on the surface, appears legitimate, but is in fact intended to hide the true source of the assets.
Money laundering can be divided into three parts. First, an illegal operation must place the money in a launderer's hands. Secondly, the launderer must then pass the money through a complex scheme of transactions to hide where the money originated. Lastly, the money is returned to the launderer's hands in a hidden and indirect way.
If one is facing charges of doing financial fraud, such as money laundering, they should be aware that the prosecution must prove a number of things to make their case. The most important of those is that the money should have been concealed for the purpose of hiding the owner, the source or control it. There must be no other purpose.
Money laundering and embezzlement are serious charges and should be treated as such-they carry with them severe penalties that affect the rest of the accused person's life. It affects the person's employment, career and relationship possibilities. An experienced attorney can help you understand the best ways to fight the charges.