Money laundering is one of the numerous white collar crimes that typically involve finances. Essentially, money laundering amounts to a person taking money gained in an illegal manner and making it appear legitimate.
Depending on the circumstances of both the crime and the individual accused of committing the offense, money laundering can be charged under different levels. Outlined below is a brief overview of the varying ways charges can be filed over this crime:
First degree money laundering
First degree money laundering is regarded as a felony offense and is considered the most serious. Typically, crimes that involve sums of money that exceed $10,000 may be charged to this degree. Potential penalties include a prison term of up to 20 years as well as a fine of either $500,000 or double the amount that was unlawfully gained.
Second degree money laundering
Second degree money laundering is also considered a felony offense. Moreover, potential penalties may include 10 years in prison as well as a fine of up to $100,000.
Third degree money laundering
Third degree money laundering is also a serious offense that qualifies as a felony. Potential penalties include fines not exceeding $50,000 and a prison term of up to five years.
Fourth degree money laundering
Fourth degree money laundering is classified as a misdemeanor offense. However, the potential penalties are still fairly severe. Fines of up to $10,000 may be imposed as well as a prison sentence of up to two years.
White collar crimes such as money laundering are taken very seriously in Michigan. If you find yourself facing criminal charges, it is important to understand that you have legal rights and protections. The more proactive you are about your defense, the better your outcome may be.