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Money laundering is a white-collar crime that involves ‘washing money’ that has been acquired through criminal activity. Money laundering can also involve legally earned funds that are illegal because of tax evasion.
Money laundering is often associated with drug traffickers and other hardcore criminals. However, money laundering also may involve financial advisors, bankers, and money transfer agents. If you have been charged with money laundering in Illinois, our money laundering lawyers in Palos Heights at Michael D. Ettinger & Associates can assist you.
Money laundering happens more than people realize. Approximately $300 billion is estimated to be laundered in the US annually. In addition, criminals launder hundreds of billions of dollars worldwide every year. More money laundering facts to consider include:
Money laundering is always a felony in Illinois. You can receive a fine of up to $25,000 and a prison sentence between two and 15 years. The more money that was laundered, the most severe the penalties. The state government can also seize any property you own to make up for the money you laundered.
The federal government can also charge you with money laundering, and the penalties are more severe than in Illinois. You can be fined up to $500,000 and imprisoned for up to 20 years. The average federal money laundering sentence is 67 months.
You need an excellent defense strategy to beat a state money laundering charge. An experienced white-collar crime attorney will be able to craft the best defense. The most common and effective defenses to a money laundering charge are:
If you have been charged with money laundering, the government will dedicate vast resources to convict you. Your best chance for a favorable case outcome is to hire a skilled criminal defense attorney. Contact our money laundering lawyers in Palos Heights at Michael D. Ettinger & Associates by calling (708) 923-0368.