What is money laundering?
Dallas criminal defense attorney, John Teakell, discusses money laundering: the concealment of the origins of illegally obtained money, often by means of transfers involving foreign banks or legitimate businesses.
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Money laundering is a term that you hear a lot of times on TV or you might hear it from someone discussing it or read it in a newspaper and a lot of people don’t really know what it is, but they hear about it and they have they are intrigued by it or they have their own thoughts about it. Monday laundering traditionally and historically came as a tool to try to stop, in other words the chargers for money laundering to stop criminal activity from being able to finances itself or to hide the proceeds from some criminal activity hence the name money laundering when a person would transfer illegal proceeds into different accounts, and different accounts and then start a legitimate business or buy a piece of real estate where it appeared that the proceeds and the now asset were legitimate.
The charges for money laundering now really only require that the prosecutors in federal court prove that any tainted funds, any monies that came from any illegal activity were known to be illegal and that you made a transaction with it. For example, there is case law that says if you had a sack of cash that came from a drug transaction and you hand it to someone else that could be money laundering. Often you’ll find it in the form of receiving monies through a bank, bank account, wire transfer, cash, whatever, and you knew that it came from some drug transaction proceeds some illegally obtained monies whether it’s fraud or whatever and then you make a transaction with it.