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720 ILCS 5/29B-1

Money Laundering

 

  • Up to a Class X Felony
  • 6-30 years in prison
  • Varies depending on amount of laundered money
  • Fine up to $25,000 plus restitution
  • Call for more details

 

Understanding Money Laundering in Illinois

Money laundering is a serious criminal offense in Illinois that involves disguising the origins of illegally obtained money to make it appear as though it came from a legitimate source. This crime is often associated with other illegal activities, such as drug trafficking, fraud, or organized crime. A conviction for money laundering can result in severe legal penalties, including substantial fines, lengthy prison sentences, and a permanent criminal record.

 

What Constitutes Money Laundering in Illinois?

Under Illinois law, money laundering is defined in the Illinois Compiled Statutes (ILCS) under 720 ILCS 5/29B-1. The offense occurs when an individual knowingly:

 

  • Engages in Financial Transactions with Criminal Proceeds: Participates in or facilitates a financial transaction involving money or property derived from criminal activity, with the intent to promote or conceal the illegal source of the funds.
  • Conducts Financial Transactions to Evade Reporting Requirements: Attempts to avoid legal reporting requirements by structuring transactions or using other methods to conceal the origins or ownership of illicit funds.
  • Transfers Criminal Proceeds Across State or National Borders: Moves money or property obtained through criminal activity across state lines or internationally to disguise its illegal origins.

Examples of Money Laundering Under Illinois Law

Here are specific examples of what could constitute money laundering under Illinois law:

  • Using Illicit Funds to Purchase Real Estate
    • Statute: 720 ILCS 5/29B-1(a)
    • Description: An individual uses money obtained through drug trafficking to purchase real estate, attempting to make the money appear legitimate.
  • Structuring Deposits to Avoid Bank Reporting
    • Statute: 720 ILCS 5/29B-1(a)
    • Description: A person makes multiple small deposits into different bank accounts to avoid triggering bank reporting requirements, knowing the money was obtained illegally.

Penalties for Money Laundering in Illinois

The penalties for money laundering in Illinois are severe and can vary based on the amount of money involved and the nature of the underlying criminal activity. Potential penalties include:

  • Class 3 Felony (for laundering amounts between $10,000 and $100,000):
    • 2 to 5 years in prison
    • Fines of up to $25,000 or twice the value of the laundered money, whichever is greater
  • Class 2 Felony (for laundering amounts between $100,000 and $500,000):
    • 3 to 7 years in prison
    • Fines of up to $25,000 or twice the value of the laundered money, whichever is greater
  • Class 1 Felony (for laundering amounts over $500,000):
    • 4 to 15 years in prison
    • Fines of up to $25,000 or twice the value of the laundered money, whichever is greater

In addition to these legal penalties, a conviction for money laundering can result in a permanent criminal record, affecting future employment, housing, and financial opportunities.

 

Why Choosing Andrew M. Weisberg is Essential for Your Defense

Facing charges of money laundering is extremely serious, and having a skilled defense attorney is crucial. Here’s why Andrew M. Weisberg is the defense attorney you need:

  • In-Depth Knowledge of Illinois Financial Crime Laws: Andrew M. Weisberg has extensive experience with Illinois laws related to financial crimes, including money laundering. His background as a former Cook County prosecutor gives him a deep understanding of how these cases are prosecuted, enabling him to develop strong defense strategies.
  • Strategic and Personalized Defense: Mr. Weisberg carefully examines the details of your case to identify weaknesses in the prosecution’s evidence. He tailors his defense strategy to your specific situation, aiming for the best possible outcome.
  • Aggressive Courtroom Advocacy: Known for his vigorous defense tactics, Mr. Weisberg fights hard to protect your rights in court, whether through negotiating a favorable plea or challenging the evidence at trial.
  • Compassionate and Confidential Support: Facing criminal charges can be overwhelming, but Mr. Weisberg provides not only expert legal representation but also compassionate and confidential support throughout the legal process. He ensures that you are fully informed and supported every step of the way.

Contact Andrew M. Weisberg for a free consultation to discuss your money laundering case and learn how he can help protect your rights and fight for the best possible outcome.