Have you been accused of money laundering? When you earn a substantial income, you will learn that you need to protect your assets from the high government taxes. However, there are ways to protect your money legally and methods that aren’t as legal. Learn more about money laundering in Chicago.
What Is Money Laundering?
Money laundering is a white-collar crime that involves taking illegal money or money not counted when you filed your taxes and turning it into legitimate money.
Money laundering is an umbrella term that covers a wide range of crimes designed to make dirty money appear clean. However, money laundering practices follow three basic steps:
1. Placement – Dirty money is placed into a legitimate corporate or personal account domestically or overseas.
2. Layering – Fraudulent transactions or bookkeeping conceals the source of the funds.
3. Integration – The money is now withdrawn from the shell account and spent as normal.
A money laundering attorney in Chicago can look over your finances and explain how the money laundering laws can apply to you.
Dangers of Money Laundering
Money laundering can have devastating effects on the economy. The numbers on record won’t be accurate. Furthermore, having more money in the economy than anticipated can lead to inflation. Furthermore, the money may not be taxed, meaning that public services suffer.
Money Laundering Laws
There are strict laws in place to prevent money laundering. However, the laws are very nuanced and vary from location to location. It can get especially tricky when money is transferred to another country.
If you need a money laundering attorney in Chicago, schedule a consultation with the Law Offices of Vadim A. Glozman.
