Money Laundering: What constitutes the crime of money laundering?
Chicago, IL criminal defense attorney Gal Pissetzky talks about what defines money laundering by law.
Phone: (312) 883-9466
Money laundering sounds funny, but it’s basically washing money. That’s why it’s called laundering. Laundering money. Washing money that came from illegal gains and now through the state of washing the money or cleaning the money, it becomes legitimate. Many times you would see money laundering counts when people are prosecuted for drug conspiracies. Because a drug dealer sells drugs, then receives the money, and then they need to send it back to the originating source country. And in order to sell it back to the originating source country, they transport it or they take the money and exchange it for other goods, such as gold, to send it back to the originating country. And that by itself is called money laundering because you are transporting the money from one spot to the next as if it was legitimate.