Facing Money Laundering Accusations? What You Need to Know

, by Bruce Blumberg

Money laundering is a serious crime that could have long term punishments which follow. Money laundering surmounts the millions, billions, and even trillions of dollars worldwide. The figures and general statistics of how much money is laundered is difficult to keep track of due to the nature of secrecy involved with laundering.

It is estimated that anywhere from 800 billion to 2 trillion dollars are laundered every year. While it is difficult to determine for certain how much is laundered, it becomes a lot easier with the identification of individual money laundering operations. If you have been accused of money laundering, it is critically important that you obtain legal help immediately.

What is Money Laundering in Arizona?

Money is laundered when it is spent or concealed. Simply obtaining money by illegal means in and of itself is not laundering money. The money becomes laundered when it is spent, or if it is concealed in some way to make it seem as though it was obtained legally or is hidden from being recorded income.

Arizona money laundering laws differentiate between different severities or degrees of money laundering. For instance, first degree money laundering is a class 2 felony. It is punishable by fines of 3 times the amount that was laundered, and up to 12.5 years in prison.

Second degree money laundering is considered a class 3 felony, also punishable by 3 times the amount laundered in fines. The difference here is that prison sentences are up to 8.75 years in prison.

Third degree money laundering is classified as a class 6 felony and is also punishable by 3 times the amount laundered, or a minimum of 2000 dollars, whichever is greater. The prison sentence is a maximum of 6 years.

Defenses for Money Laundering in Arizona

Seeing the fines and sentences attributed to laundering money is daunting and understandably unnerving. Fortunately, there are defenses and routes one can take with the assistance of an experienced criminal defense lawyer.

Asking your attorney about lack of intent may be useful and determining whether the money was being planned to be concealed or not can provide some assistance for mitigating sentences, or being relieved of fines. If there is reason to believe that you were illegally searched or had property seized, it may be helpful in your defense. Much like illegal searching and seizing, duress is another illegal means by which one might be coerced into confession against one’s will. Finally if there is suspected entrapment that lead to accusations of money laundering, that may also be useful to note for your defense.

Accused of Money Laundering? Call Our Office as Soon as Possible

Money laundering is no simple crime. It is punished by state, federally, and in some cases by both. Money laundering also risks being put into question and being connected to other crimes, which can only worsen sentences and bring about additional charges. It is very important to get the legal assistance you need right away, as time is of the essence. At Blumberg & Associates, our Phoenix white collar crime attorneys are ready to assist with any questions or concerns you might have regarding the matter. Please do not hesitate to call our office at 602-277-6180 today.