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Money laundering is classified as a white collar crime which involves the disguising of large amounts of money obtained from illegal activity going through many monetary transactions to make the money seem that it has come from a genuine source. The charges for laundering are typically combined with additional criminal charges.
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Some examples of associated illegal activities include:
- Extortion or blackmail
- Monetary or medical fraud
- Money obtained as compensation
- Trafficking of illegal goods (drugs, smuggled goods)
Laundering is a serious crime with harsh penalties. Combined with other charges, if the defendant is convicted, they may find themselves spending several years in prison.
Money Laundering Penalties in Florida
Under Florida law, the severity of the charge and penalties for laundering depend on the quantity of money laundered in a given year.
The following are money laundering offenses and their corresponding penalties:
- If a person is convicted of laundering $300 to $20,000, it is a third-degree felony, and they could face up to 5 years in prison.
- If a person is convicted for laundering $20,000 to $100,000, it is a second-degree felony, and they could face up to 15 years in prison.
- If a person is convicted for laundering $100,000 or more, it is a first-degree felony, and they could face up to 30 years in prison.
In addition to any laundering offense, the court may order a civil penalty of $25,000 or the value of the laundered money, whichever amount is larger. These severe penalties are the reason why you should contact an experienced money laundering attorney in Miami if you are facing these types of charges.
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