Here in the state of Kentucky, money laundering is listed under white collar crimes. However, it is necessary to understand what this charge entails to fully grasp the legal implications behind being accused of it. According to the Financial Action Task Force, money laundering involves taking proceeds classified as criminal and going through a series of actions to disguise the criminal nature of the funds.
Basically, this is the process of cleaning up the money generated from “dirty” activities, hence the name. Money laundering is a very important part of many criminal enterprises, as it allows the persons involved to enjoy the fruits of their labors without having to worry about the money being tracked down by the authorities.
Typically, money laundering happens once a criminal enterprise gains some traction. Small enough amounts of money often escape official notice, but once an enterprise starts to generate large amounts of cash, something must be done to hide the profits’ origins otherwise the movement of proceeds will attract official attention.
However, just because money laundering is most often associated with criminal kingpins does not mean that it cannot happen on a smaller level. It is estimated that the amount of money laundered worldwide may exceed the total output of Spain’s economy. So money laundering is an enormous global endeavor. However, due to the illegal nature of money laundering, any attempt to estimate the amount that actually occurs must be taken lightly.
Money laundering happens here at home in Kentucky, as well. It is important to understand the heavy nature of a money laundering accusation and take steps accordingly.