Money laundering is a crime. It involves someone taking money that they secured from engaging in some type of illicit activity, mixing it with legitimately sourced funds then reinvesting that intermingled currency back into the original, illegitimate source.
Electronic bank tracking technology has made it increasingly easier for law enforcement to identify potential cases of money laundering in recent years. Individuals engaging in this type of illicit activity used to keep physical stacks of cash on hand in a safe place. Few members of criminal elements do this anymore though.
Most of these criminal elements deposit their funds into bank accounts then make a withdrawal at some point. It’s either when the money gets deposited or is withdrawn that law enforcement officers receive an alert of such a large transaction having taken place. They generally follow up with the person who initiated this and soon discover the web of illicit activity that they’re weaving.
The types of individuals that are most likely to engage in money laundering are those people who are dabbling in embezzlement, theft, cybercrime, customs or tax violations, trafficking drugs or other fraudulent offenses.
Individuals who engage in money laundering may funnel their ill-gotten funds through financial institutions such as credit unions or banks, countries that serve as tax havens and casinos.
Money launderers rely upon there being a constant movement of funds in and out of accounts to try to hide their schemes. State and federal investigators are keen on these tactics though.
You’re likely facing some stiff penalties if you’re convicted of such a crime as money laundering. There are some potential defense strategies that you can pursue in your Cincinnati case though. This is why you must align yourself with an attorney early on in your Ohio legal matter. They can advise you on how to best protect your rights by doing so.