Creative accounting and the movement of money between accounts of different types can be an effective way to lower one’s tax burden. It can also serve as a way to increase one’s contributions to charity or to obtain a prominent position in the marketplace.
However, there are limits to the steps that a person or company can take. The state issues licenses to parties offering services to transmit money or make currency exchanges. A party providing these services without a proper license or who fails to comply with state reporting regulations may face money laundering charges. A Greenville money laundering lawyer may be able to help you fight back against these accusations, explain the laws that control these cases, and help protect your future prospects. Call our firm today to speak with a skilled white-collar defense attorney to learn more about your legal options.
State law goes to significant lengths to properly track and document all money that moves within its borders. To this end, it requires individuals seeking to offer services as transmitters of money or as a currency exchange to obtain a license. With this license comes a requirement to provide periodic reports to the state that conform with federal rules and regulations concerning money laundering under South Carolina Code § 35-11-525.
But how does the law define money laundering? In simple terms, money laundering is the process of taking funds obtained through illegal means and making it look as though they are the product of a legitimate business. Where brokers and other people may face inquiries is in the documentation that they provide to government agencies. A Greenville money laundering attorney could provide more information about the concept of this practice as a whole and what obligations parties have to provide documentation.
Many examples of financial errors are civil matters. For example, an improper mark on a business earnings report may earn a company a fine from the state. However, allegations of money laundering and related activities are more serious matters. An investigation can lead to a license suspension or even criminal penalties.
Under SC Code § 35-11-725, any person who knowingly makes a false statement concerning the reporting of financial transactions related to money laundering commits a Class B felony. This means that a conviction can result in a prison sentence of up to 25 years. A similar penalty is available when a person performs financial services under this Act without a license. If that person takes in more than $500 over a thirty-day period, this is also a Class B felony.
A money laundering attorney in Greenville could help people defeat these allegations. We are ready to dedicate the time needed to thoroughly analyze all financial documentation to determine the cause of a misunderstanding. We can also challenge the methods that law enforcement has used to obtain evidence in court to protect the rights of individuals and companies.
Allegations related to money laundering are serious matters. At a minimum, an investigation may lead to a suspension or revocation of your license to provide financial services in the state. More severe accusations may even result in criminal charges going forward in court. Convictions in South Carolina can be felonies that impact your freedom and ability to remain in business.
A Greenville money laundering lawyer wants to help you. We are ready to explain the state’s money laundering laws and how they interact with federal regulations. Call Bill Nettles Attorney at Law, today to schedule a consultation to review the details of your case with one of our uniquely qualified attorneys.