{"id":578,"date":"2019-08-22T08:28:52","date_gmt":"2019-08-22T08:28:52","guid":{"rendered":"https:\/\/www.affordablebackgroundchecks.com\/blog\/?p=578"},"modified":"2024-09-25T10:51:35","modified_gmt":"2024-09-25T10:51:35","slug":"how-can-you-catch-a-money-laundering-firm-before-signing-a-business-agreement","status":"publish","type":"post","link":"https:\/\/www.affordablebackgroundchecks.com\/blog\/how-can-you-catch-a-money-laundering-firm-before-signing-a-business-agreement\/","title":{"rendered":"How Can You Catch a Money Laundering Firm Before Signing a Business Agreement?"},"content":{"rendered":"

Protect yourself and your company before you sign a business agreement<\/strong> with a money laundering firm<\/strong>. Criminals<\/strong> don\u2019t always use banks<\/strong> to launder their money, they can target any type of business.<\/p>\n

What is money laundering?<\/h2>\n

When large amounts of money are generated during criminal activity, the proceeds<\/strong> need to be disguised so that they look as though they came from a legitimate<\/strong> source<\/strong>. This type of money is often referred to as \u201cdirty,\u201d and the “laundry” process disguises it and makes the profit<\/strong> look “clean” or legitimate. Once the money has been laundered, it is hard to distinguish it from legitimate resources. Funds<\/strong> are then available for use without detection.<\/p>\n

Money laundering is a Crime<\/h2>\n

It is estimated that every year between $600 billion<\/strong> to $1.5 trillion<\/strong> is laundered. If caught, money laundering is criminalized under both state and federal laws<\/strong>. State and federal laws vary considerably in regard to penalties<\/strong>. If convicted, the defendant can receive fines<\/strong>, probation<\/strong>, or a prison sentence<\/strong>.<\/p>\n

Fines<\/h3>\n

The fines that are associated with money laundering can vary from a few thousand dollars to hundreds of thousands of dollars.<\/p>\n

Probation<\/h3>\n

Probation sentences are usually set anywhere from one year to three-plus years. Probation terms have to be followed, or the court can revoke probation and order a prison term or impose fines or other penalties. Probation terms often include drug testing, home checks, regular and reporting.<\/p>\n

Prison<\/h3>\n

Money laundering is often charged as a felony offense<\/strong> and can result in a prison term. If it is a misdemeanor<\/strong> conviction, the sentence could be a year in jail. Felony convictions can result in multiple years in prison. In severe cases, prison sentences can last 35<\/strong> years or more.<\/p>\n

Protect Your Business Before Signing an Agreement<\/h2>\n

Before you ever sign a business agreement, you need to ensure that the company that you are dealing with is legitimate and has your best interests in mind. Be on the lookout for anything that may seem suspicious. Here are some questions to ask:<\/p>\n