Miami Money Laundering Defense Lawyers
Defending Against Money Laundering Charges
Money laundering is a complex financial crime that involves concealing the origins of illegally obtained money—often from activities such as embezzlement—by moving it through legitimate financial channels. This process aims to "clean" illicit funds, making them appear as if they come from lawful sources. Money laundering methods are designed to obscure the origins of funds and evade the scrutiny of state and federal authorities. Given its nature, money laundering disrupts financial systems and can be intricately tied to other financial crimes, including embezzlement and fraud.
In Florida, money laundering is a felony offense that carries serious consequences. Those convicted may face lengthy prison sentences, substantial financial penalties, and a lasting impact on their personal and professional lives. Besides these punishments, individuals often experience a damaged reputation, hindering their future employment or business opportunities. Federal charges may also apply depending on the scale and nature of the alleged money laundering activity, leading to even harsher sentences.
At Hager & Schwartz, P.A., we are uniquely positioned to defend against money laundering charges. As former Florida state prosecutors, we offer a deep understanding of both sides of the legal process, allowing us to anticipate and counter the prosecution's strategies. Backed by over 50 years of combined legal experience, our team provides a thorough, strategic defense for every client. Available 24/7, we are prepared to take immediate action for those facing these serious charges.
If you or a loved one is seeking a Miami money laundering defense attorney, contact us at (786) 706-2175 to schedule a free consultation.
Money Laundering Laws in Florida and Under Federal Jurisdiction
In Florida, money laundering is prosecuted under the Florida Money Laundering Act (Florida Statutes § 896.101), which criminalizes the intentional movement of unlawfully obtained funds through financial transactions.
The statute targets a wide range of transactions—from wire transfers and bank deposits to gifts and sales—that are knowingly used to disguise the origins of illegally acquired money. Under this law, individuals may face charges if they conduct financial transactions to further illegal activities, hide the source of funds, or evade reporting requirements.
The Florida Money Laundering Act places strict thresholds on financial activity. For example, conducting transactions involving as little as $400 over 12 months can trigger prosecution, with charges escalating based on the value and frequency of transactions. Specific industries, particularly those involving cash-intensive operations, such as real estate, casinos, and financial services, may be closely monitored due to their susceptibility to money laundering practices.
Federal Money Laundering Laws and Jurisdictional Distinctions
At the federal level, the primary law regulating money laundering is 18 U.S.C. § 1956. This statute makes it illegal to knowingly participate in a financial transaction involving property obtained from illicit activities with the intent to further those activities, evade taxes, conceal the source of the funds, or avoid regulatory scrutiny.
The Bank Secrecy Act (31 U.S.C. § 5311 et seq.) is crucial for anti-money laundering efforts because it sets strict recordkeeping and reporting requirements for financial institutions. By submitting Suspicious Activity Reports (SARs), banks and other financial institutions assist authorities in identifying and investigating money laundering activities.
Federal charges typically differ from state charges in scope and severity. Federal investigations often span multiple jurisdictions.
Consequences of Money Laundering Convictions
Whether the offense is prosecuted at the state or federal level, money laundering penalties are severe.
In Florida, the severity of the penalty depends on the amount of money involved in illicit transactions over 12 months.
- Third-degree felony: For transactions between $300 and $20,000. The penalty includes up to 5 years in prison and fines of up to $5,000.
- Second-degree felony: For transactions between $20,000 and $100,000. The penalty includes up to 15 years in prison and fines of up to $10,000.
- First-degree felony: For transactions over $100,000. The penalty includes up to 30 years in prison and fines of up to $10,000.
Federal penalties can include imprisonment of up to 20 years and potential fines that reach a higher of $500,000 or twice the transaction amount.
Beyond the immediate legal consequences, money laundering convictions carry long-term personal and professional repercussions. Those convicted may experience lasting damage to their reputation, difficulty securing employment, and financial instability due to hefty fines and possible asset forfeitures.
Understanding the Money Laundering Cycle: The Three Stages of Concealment
Money laundering involves three stages that form a complex cycle. This cycle enables individuals to conceal the origins of illegal money, making it difficult for regulatory agencies and law enforcement to trace and prosecute money laundering activities. Understanding this process is essential for constructing a solid defense and safeguarding individuals accused of these charges.
Stage 1: Placement
Placement marks the beginning of the money laundering process, where illicit funds are initially introduced into the financial system. In this stage, individuals attempt to minimize detection by making their transactions appear legitimate, often using strategies that blend unlawful money with legally acquired funds.
Common methods of placement include:
- Making cash deposits into bank accounts
- Purchasing monetary instruments like money orders
- Using wire transfers to move money into different financial institutions
This stage is crucial because once the money enters the financial system, it becomes harder to trace back to its illegal source.
Stage 2: Layering
Funds are moved and manipulated in the layering stage through complex transactions designed to mask their origins. This stage is characterized by creating a web of financial activity that makes it challenging for investigators to trace the money's path.
Techniques for layering funds often involve transferring proceeds between multiple accounts—sometimes held in different countries—and using offshore accounts or shell companies to add layers of obscurity.
Additionally, digital currencies and complex asset exchanges may be used to complicate the tracing process further.
By engaging in these diverse transactions, individuals create layers between the illicit funds and their origins, making it increasingly difficult for authorities to connect the money to illegal activities.
Stage 3: Integration
In the final stage, integration, the laundered money re-enters the legitimate economy, appearing to come from legitimate sources. At this point, the "cleaned" funds are reintegrated, often through investments in real estate and luxury assets or funneling them through seemingly legitimate businesses.
By integrating the funds in this manner, individuals create the appearance of lawful income, effectively concealing the illicit origin of their wealth. This final stage is particularly challenging for authorities, as the funds now blend seamlessly with legitimate assets, leaving few indications of their unlawful past.
Strategic Defenses for Money Laundering Charges
When facing severe money laundering charges, developing a solid defense is crucial.
Several strategies can be employed to challenge the prosecution’s case and protect the accused:
- Lack of intent to commit money laundering
- Insufficient evidence linking the accused to the illicit funds
- Challenging the validity of the evidence or the legality of how it was obtained
Why Choose Our Team for Your Defense?
Taking swift action to secure skilled legal representation is crucial when facing money laundering charges. Money laundering cases are complex and often involve detailed investigations by state and federal authorities. Early intervention allows our team to thoroughly examine every aspect of the case, identify potential weaknesses in the prosecution’s evidence, and build a robust defense from the outset.
Hager & Schwartz, P.A. has a longstanding track record of defending clients against complex financial and white collar criminal charges. Our attorneys bring deep insights into each case, with the knowledge and experience necessary to address intricate financial transactions and legal strategies unique to money laundering cases.
If you’re seeking a Miami-based defense lawyer for money laundering charges, call us at (786) 706-2175 or message us online to make an appointment.
