Can Money Laundering Through Mortgages Be Prosecuted After 20 Years?

Question from Tony, Can Money Laundering Through Mortgages Be Prosecuted After 20 Years?

Answer from AI:

Money laundering is a serious crime in the United States, and it involves disguising the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. When it comes to prosecuting such crimes, the timing of the discovery can be crucial due to the statute of limitations.

Understanding the Statute of Limitations

The statute of limitations is a law that sets the maximum time after an event within which legal proceedings may be initiated. For federal crimes, including money laundering, the statute of limitations is generally five years. However, there are exceptions and specific circumstances that can extend this period.

Exceptions and Extensions

1. **Discovery Rule**: In some cases, the statute of limitations may start from the date the crime was discovered rather than when it was committed. This is particularly relevant for crimes that are difficult to detect, such as money laundering.

2. **Continuing Offense**: If the money laundering activity is considered a continuing offense, the statute of limitations may not begin until the last act of laundering is completed.

3. **Fraudulent Concealment**: If the perpetrator took steps to conceal the crime, the statute of limitations might be tolled (paused) until the crime is discovered.

Federal Money Laundering Laws

The primary federal statutes governing money laundering are:

– **18 U.S.C. § 1956**: This statute covers various forms of money laundering, including conducting financial transactions with proceeds from unlawful activities.
– **18 U.S.C. § 1957**: This statute specifically addresses engaging in monetary transactions in property derived from specified unlawful activities.

Case Law and Precedents

Several court cases have addressed the issue of the statute of limitations in money laundering cases. For example:

– **United States v. Banks**, 706 F.3d 901 (8th Cir. 2013): The court held that the statute of limitations for money laundering begins when the laundering activity ends, not when the underlying crime was committed.
– **United States v. Silver**, 948 F.3d 538 (2d Cir. 2020): This case emphasized the importance of the discovery rule in extending the statute of limitations for concealed crimes.

Steps to Take

If you suspect that money laundering has occurred, even if it was discovered many years later, consider the following steps:

1. **Consult a Legal Professional**: Given the complexity of money laundering laws and the statute of limitations, it is crucial to seek advice from an attorney who specializes in financial crimes.
2. **Gather Evidence**: Collect any documentation or evidence that supports the discovery of the money laundering activity.
3. **Report to Authorities**: Contact federal law enforcement agencies, such as the FBI or the Financial Crimes Enforcement Network (FinCEN), to report the suspected money laundering.

Resources

For more information on money laundering laws and the statute of limitations, you can refer to:

– [18 U.S.C. § 1956](https://www.law.cornell.edu/uscode/text/18/1956)
– [18 U.S.C. § 1957](https://www.law.cornell.edu/uscode/text/18/1957)

When to Seek Legal Advice

Given the complexities involved in money laundering cases and the potential for exceptions to the statute of limitations, it is essential to consult with a legal professional. An attorney can provide personalized advice based on the specifics of your situation and help navigate the legal process.

Remember, this information is intended to provide a general understanding of the law. For personalized legal advice, always consult with a qualified attorney.