Consequences of Money Laundering in Georgia
The Offense of Money Laundering
Money laundering is money being made to show up as though it has been gotten by lawful methods. It is hard to evaluate the aggregate sum of cash that is illicitly washed in spots like Georgia and elsewhere. The approximate volume of cash washed universally in a year is about $800 billion – $2 trillion in current US dollars. Regardless of the means, whether it is through drug dealing or other crimes, Georgia money laundering laws commonly center around the financial industry, while the greater part of these violations are indicted on a federal level.
What is Money Laundering?
Basically, this offense is illegally avoiding taxes. This illegal tax avoidance happens when somebody tries to cover or mask the nature, location, source, possession, or control of the returns from unlawful acts. Since the acts associated with this criminal offense regularly cross state lines, they are normally arraigned by the U. S. Justice Department under federal law.
Depending on whether the crime violates statute federal criminal statue 1956 or 1957, the criminal is facing up to 20 years in price, fines, and restitution to the victims of the crime. Georgia has section 7-1-912 to address money laundering, however most cases are tried at the federal level under RICO laws.
About the RICO Laws
Per the NOLO.com website, “…the Racketeer Influenced and Corrupt Organizations Act (RICO) is a federal law designed to combat organized crime in the United States. It allows prosecution and civil penalties for racketeering activity performed as part of an ongoing criminal enterprise. Such activity may include illegal gambling, bribery, kidnapping, murder, money laundering, counterfeiting, embezzlement, drug trafficking, slavery, and a host of other unsavory business practices.”.