Good day/afternoon/evening, my friends and colleagues! Let me introduce myself: my name is Dennis Boyle, I am a professional lawyer of multiple types and I have spent a bigger part of my life on dealing with a variety of cases, frauds, criminal laws, and other business. In my life, I have watched different victims and criminals, serious crimes and tiny administrative offenses. Some of these cases have validly confused me, some of them have given me an opportunity to move further and study new cases that can definitely happen in your law practice. I have understood one thing that every person can become a criminal or a victim, it does not matter, will it be your friend or parent, boss or employee, you should be prepared to the fact that your duty is to be aware of all the peculiarities of the deal, moreover, you should implement your best skills to investigate the truth and make a conclusion of this or that case. Today I will explain to you, what the money laundering is and how to distinguish such a fraud. I would be extremely happy if the material I will tell you will be useful and educational especially for you.
What is Money Laundering?
Money Laundering is a process, while the person deposes a sum of money into the bank, writes some unreal checks for this money as if it has already been spent, and hides the money. The scheme is well-known, and lots of people implement such a kind of the money making. Unfortunately, in our society where the globalization has captivated the whole world, we can see a lot of ways how to conduct such an event as a money laundering, but not to be captivated or struggled with the result of such a practice. In California, there are several laws that stipulate the consequences of such a crime and the conditions of the crime as well. Penal Code § 186.10 of California claims that if the individual conducts any bank transaction or operation with a sum of money more than $5 000 on any bank account within 7 bank days, there is a huge possibility that the money operation is under the criminal conviction. If the sum of money is bigger and more than $25 000, the possibility of the crime if raising in two/three times. The reason why the money is frauded are as follows:
- The drug dealing
- The prostitution
- The kidnapping
- The financial fraud
These are only several reasons for the money laundering process. The majority of cases are hidden for sure deeper and require the most concentrated attention from the side of the lawyer. People are trying to hide the additional bank accounts, so as not to be caught in such an unpleasant situation. They create additional accounts with the initials of their relatives, authorized delegates, employees, and other helpers. On such an additional account the criminal who wants to launder the particular sum of the money puts the money itself and after that he/she can easily withdraw the whole sum of money, transfer it to another account, use the offshore accounts in other countries, etc. As a rule, in the bank system, there are also a lot of people who will assist to transfer the money to another account for the special percent of course. In such a case, the equal criminals are both an organizer of the whole deal and the mediator who assists the whole process.
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What is the Punishment for the Money Laundering?
Well, according to the California legislation, the punishment for such an event is rather severe. The government is highly interested in the total liquidation of all the corruption systems of California, so those ones who were caught on such a dealing would have a good lesson. As the money laundering is considered to be a serious felony, the maximum punishment for it can be three years in the general state prison. Furthermore, the person that was caught red-handed, will pay a sum of money that equals twice the number of the money being laundered. The fixed fine for the money laundering in California is $25 000. The criminal or his/her family have to pay this amount of money without any hesitations or questions, otherwise, this sum will be two times bigger. For the drug dealing purpose, the maximum sum of the fine is $11370.9. The imprisonment will also be prolonged for 4 years in a general state prison. Regarding the California legislation, the criminal has a right to use the help of the attorney, even the attorney if it is required. There are a lot of cases that a person had a minimal conviction with his crime due to the brilliant work of the lawyers, but as a rule, the guilty side will actually endure his/her sentence in a full size. In my practice, there have been a great number of cases, when an innocent person was accused of money laundering and also was maligned. In such a case, it is really hard to find a truly guilty person and prevent the imprisonment of the innocent person. As you know, everything depends on the evidence of the innocence. You should pay your attention to the minimal and the tiniest detail in the case to find a fact that can cost a fortune. As I can confirm, not each deal can be a successful one. The lawyer must be a magician that is almost impossible.
As I can assure you, in California, there are not so many criminals who specialize on the money laundering, because the process like this requires the best preparation ever. As a lawyer, I can give you a piece of advice, not to be indifferent when you can notice some misunderstandings with the money transfer or something like that because if the society is in silence regarding such a crime, it will be repeated again and again. The extra accounts that are not needed from the first sight are also suspicious, so check the information about them with the help of the police, for instance. I believe, together we can stop the money laundering in total, but each of us should be eager to help.