What Are the Penalties for Money Laundering in Michigan?

Money laundering is one of many serious financial offenses in Michigan. The offense is taken seriously and if you are found guilty you can face a slew of harsh repercussions. If you are facing money laundering charges in Michigan, understanding the penalties and potential consequences of a conviction is crucial in protecting your future. Work with a knowledgeable Upper Peninsula criminal defense lawyer for skilled representation and legal advice during your case.

What is the Definition of Money Laundering?

In simple terms, money laundering is the “cleaning” of “dirty” money. When criminal activity yields proceeds, the money is considered dirty as it can be used as evidence to trace a crime back to the individual who has ownership over the property. There are steps that an individual can take, however, to essentially clean the money and avoid being caught with incriminating evidence.

Money laundering includes one or more financial transactions that are designed to conceal or disguise the nature, location, source, or control of the proceeds of a criminal offense. A person may deposit the dirty money into a bank account or financial institution before moving it around through various channels like offshore accounts, cryptocurrency, various banks, shell companies, casino transactions, buying and selling assets, etc. In the end, the money will appear to be legally obtained and therefore clean.

What Are the Penalties for Money Laundering in MI?

Money laundering can be charged as either fourth, third, second, or first-degree depending on the amount of money involved and the details of the offense. Below are the standard sentencing guidelines for each level of money laundering charge.

• First-degree: First-degree money laundering is a felony offense and is punishable by imprisonment of up to 20 years and fines of up to $500,000 or twice the value of the proceeds of the criminal offense involved
• Second-degree: Second-degree money laundering is a felony punishable by imprisonment of up to 10 years and fines of up to $100,000 or twice the value of the proceeds of the criminal offense involved
• Third-degree: Third-degree money laundering is a felony offense and can be accompanied by imprisonment of up to 5 years and fines of up to $50,000 or twice the value of the proceeds of the criminal offense involved
• Fourth-degree: Fourth-degree money laundering is a misdemeanor and is punishable by imprisonment of up to 2 years and fines of up to $10,000 or twice the value of the proceeds of the criminal offense involved

While these are the general penalties associated with money laundering, additional consequences can be tacked onto a conviction like probation or restitution. Reach out to an experienced attorney for more information and legal advice during your case.