Michigan Money Laundering Attorneys
The aggressive trial lawyers at The Kronzek Firm, have extensive experience defending both state and federal money laundering charges. This offense tends to go hand in hand with drug trafficking, fraud, white collar crimes, and organized crime. However, over 170 crimes are listed in the federal money laundering statutes, including acts of terrorism, gunrunning and murder for hire. As you can see, money laundering is not a single crime but rather a broad category of crimes which rely on both Michigan and Federal Law. If you are being investigated for money laundering, you need to have an aggressive attorney assisting you quickly. We can help. Contact our trial team at (866) 766-5245.
What is Money Laundering?
Money laundering is the process of taking money gained through criminal enterprise and filtering it through a series of financial transactions to make the proceeds appear legal. However, money laundering does not need to involve cash at every step of the process. Any transaction through a bank could qualify as money laundering. First, funds procured through illegal means are deposited into a bank. Next the proceeds are “cleaned” by conversion into money orders, wire transfers, stocks, purchasing other assets, etc. Then through legitimate transactions, proceeds are transferred back to the individual.
The Federal Bank Secrecy Act and the Money Laundering Control Act of 1986
The BSA was enacted to stop financial institutions from being used as intermediaries or to conceal the transfer or deposit of funds originating from illegal conduct. This mandates the reporting of certain transactions conducted with banks and the transportation of funds over $10,000 across U.S. borders. The reporting requirements extend to many types of businesses such as automobile dealers and law firms.
Under the Michigan Compiled Laws, it unlawful to engage in specific financial transactions with proceeds generated through specified illegal activities like, for example, drug trafficking. The criminal penalty for violations is a fine of up to $500,000, or twice the value of the monetary instruments involved, whichever is greater, up to 20 years in prison, or both. One subsection involves an undetermined fine, up to 20 years in prison, or both.
Michigan Money Laundering Penalties
First-degree money laundering is when the aggregated value of the proceeds of the crime involved is $10,000.00 or more. In addition, the underlying criminal activity is a controlled substance offense. The process must promote the commission of crime, hide the nature or origin of the funds, or avoid state or federal transaction reporting requirements as well.
This is a felony with a maximum penalty of 20 years in prison, a fine up to $500,000.00, or twice the value of the proceeds, whichever is greater, or both.
Second-degree money laundering is a felony with a maximum penalty of 10 years in prison, a fine up to $100,000.00, or twice the value of the proceeds, whichever is greater, or both.
Third-degree money laundering is a felony with a maximum penalty of 5 years in prison, a fine up to $50,000.00, or twice the value of the proceeds, whichever is greater, or both.
Fourth-degree money laundering is a misdemeanor with a penalty of up to 2 years imprisonment, a fine up to $10,000.00, or twice the value of the proceeds, whichever is greater, or both.
Real or personal property purchased with laundered money is subject to seizure and forfeiture. When the government seizes the property, individuals claiming such property may request a judge to decide whether it is subject to the forfeiture and if the property should be released. Criminal and civil forfeiture is a serious issue and skilled legal representation can help rescue your assets. The court may look at many issues including whether there is a substantial connection between the property and offense in question.
If your bank account has been frozen or your assets seized, please call The Kronzek Firm right away. We will immediately work on your behalf to recover your hard-earned property.