Criminals and criminal syndicates regularly utilize the services of professional money launderers to assist them in “cleaning” money. These are individuals or organizations who do not participate in the crimes which resulted in the illegal proceeds. They only launder the money for a fee. They are typically paid a commission or percentage from the funds they clean.
Al Capone is one of the most famous professional money launderers. You may not know that he cleaned much of the dirty money through actual laundromats. Hence the phrase money laundering.
Today, professional money launderers are much more sophisticated. They have a network of individuals who may appear to have a legitimate business – but are corrupt in nature and work with the professional money launderer to wash the funds to make it appear as if they came from legitimate sources. These individuals are often white-collar professionals such as bankers, lawyers and accountants.
Professional money launderers also utilize financial institutions, such as banks or crypto currency. They may also utilize real estate or international trade to clean their money.
The U.S. Government, including the FBI and the Financial Crimes Enforcement Network (FinCEN), focuses many of its resources and efforts on identifying individuals or organizations who work as professional money launderers.
Because a money launderer works with a network of individuals and organizations, a successful indictment and prosecution usually affects multiple criminals.
The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, and content, in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Article provided by contributing author:
Diana Hoffman, Corporate Escrow Administrator
Fidelity National Title Group
National Escrow Administration