What is money laundering?

Money laundering is a white-collar crime in Washington that refers to the process of disguising money gained through illegal means so that it appears to be legitimate. It involves the concealment of the true source and ownership of the illegal funds. The process of money laundering can involve several steps including depositing the criminal proceeds into a bank account, investing in stocks, or using the money to purchase real estate or other assets. Money laundering also involves the creation of a complex array of transactions to move the money from one place to another, making it hard for law enforcement to trace the origin of the money. This crime can be used to fund other criminal activities and to hide the profits of illegal activities like drug trafficking, fraud, and embezzlement. Money laundering is a serious violation of the law in Washington, and those convicted of money laundering may face hefty fines and prison time.

Related FAQs

How do the U.S. and other countries cooperate in prosecuting white collar crime?
What are the consequences for mail fraud?
What are the consequences for tax evasion?
What is the difference between a felony and a misdemeanor?
What are the penalties for tax fraud?
Is white collar crime a federal offense?
How does the statute of limitations apply to white collar crimes?
How is cybercrime committed?
What are the federal sentencing guidelines for white collar crimes?
What is asset forfeiture?

What is money laundering?

Related FAQs

Related Blog Posts