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Money Laundering

by | Mar 10, 2023 | Criminal Charges, White Collar Crimes |

Money laundering is a serious crime that involves the process of making illegally obtained funds appear to be legitimate. The state of Florida has seen a rise in money laundering crimes over the past few years, and law enforcement agencies are working to combat this problem.

Money laundering is a complex process that involves a series of transactions designed to conceal the source, ownership, or destination of funds. Criminals use money laundering to disguise the proceeds of illegal activities, such as drug trafficking, fraud, and corruption. The goal is to make the money appear to have come from a legitimate source, so it can be used without detection.

How Is Florida Responding 

Florida has become a hotspot for money laundering due to its strategic location, large immigrant population, and booming real estate market. Criminals used the state’s lax financial regulations and weak enforcement to launder money through shell companies, real estate transactions, and other means.

The state has taken steps to combat money laundering by implementing stricter regulations and increasing enforcement efforts. In 2019, Florida passed a law requiring certain businesses, including real estate agents and car dealers, to report any cash transactions over $10,000 to the state’s financial crime enforcement network. This has helped identify suspicious activity and track down criminals.

The federal government has also been targeting money laundering in Florida. In 2020, the U.S. Department of Justice indicted 22 individuals and seized more than $3.3 million in assets in connection with a money laundering scheme involving the sale of luxury cars to buyers in Venezuela. The individuals were accused of using shell companies and wire transfers to conceal the source of the funds.

In addition to law enforcement efforts, it’s important for individuals and businesses to be aware of the risks of money laundering and take steps to prevent it. This includes implementing strong internal controls, conducting due diligence on customers and suppliers, and reporting any suspicious activity to the authorities.

Penalties For Money Laundering 

The penalties for money laundering depend on the amount of money involved, the circumstances of the crime, and the defendant’s criminal history.

In general, money laundering is a felony offense in Florida, and a conviction can result in significant fines, imprisonment, and other penalties. The specific penalties for money laundering are as follows:

  • If the amount of money involved is less than $20,000, the offense is a third-degree felony, punishable by up to 5 years in prison and a fine of up to $5,000.
  • If the amount of money involved is between $20,000 and $100,000, the offense is a second-degree felony, punishable by up to 15 years in prison and a fine of up to $10,000.
  • If the amount of money involved is more than $100,000, the offense is a first-degree felony, punishable by up to 30 years in prison and a fine of up to $10,000.

In addition to these criminal penalties, a person convicted of money laundering in Florida may also be subject to a civil forfeiture of any property or assets obtained through the crime.

Overall, the consequences of committing money laundering can be severe, and anyone facing such charges should seek legal counsel immediately.

If you find yourself facing any criminal or family law charges, you need a professional attorney on your side. Russell Spatz, of the Spatz Law Firm, PL, has decades of experience handling serious criminal and family law cases. Contact him at 305-442-0200 to discuss your case.



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