Money laundering is the process through which criminals take money obtained through illegal activity and make it appear legitimate. The goal of money laundering is to “clean” the money and conceal the funds’ criminal source. The UN estimates that between $800 billion to 2 trillion US dollars are laundered across the globe every year.
One way that criminals launder money is through the use of money mules. A money mule is someone that transfers illegally acquired funds to a third party on behalf of or at the direction of another person. There are three primary ways that a person can act as a money mule in Texas, including:
- Wire the money to a third-party bank account,
- Cash-out the money received,
- Convert the fund to virtual currency or a prepaid debit card.
Typically, criminals pay money mules for their service with a small part of the money transferred. Criminals work with money mules to add layers to the money trail between the victim and the criminal. It allows the criminal to distance himself from the illegal funds and avoid detection from law enforcement.
Where are Money Mules Recruited in Sugar Land?
Criminals often recruit inconspicuous individuals with no criminal record to be money mules because the transactions are less likely to be flagged by financial institutions and traced by the police. Typically, the elderly, young adults and unemployed are targeted because they are more susceptible to money laundering schemes. However, anyone can get roped into being a money mule if they are not diligent.
Common places where criminals recruit money mules in Sugar Land include:
- Online dating website,
- Online job websites,
- Social media websites,
- Email spam, and
- Dark web forums.
How to Know if You Are a Money Mule?
Sometimes, money mules are not aware that they are transferring illegal funds. It is important to research any opportunity that you are presented with. If something sounds too good to be true, it probably is. Below are some signs that you are a money mule in a money-laundering scheme.
- You received an unsolicited email or social media message offering easy money for little work. These positions are sometimes referred to as “payment processing agents,” “money transfer agents,” or “local processors” to make the job appear legitimate.
- You are asked to open a bank account in your name or in the name of a company you form to receive and transfer money. A legitimate company will never ask you to use a personal bank account to transfer money.
- As an employee, you are asked to receive money in your bank account and then send funds via wire transfer, ACH, mail, or money service (Western Union or MoneyGram).
- You are told you can keep a portion of the money you transfer.
- You have never met your online employer or the people you forward the money to.
- You are asked to send money to collect a prize.
If you suspect that you are acting as a money mule, you should immediately cut off communicating with the criminals, report the situation to your bank, and give police the evidence. If you are knowingly participating, you could face serious criminal charges resulting in substantial fines and prison time.
What are the Penalties for Acting as a Money Mule?
Acting as a money mule can result in serious consequences. Even if you were not involved in the crimes where the money originated, you could face serious penalties and criminal prosecution. The penalties will be even more severe if you were aware that you were participating in a money-laundering scheme.
Some of the possible consequences of working as a money mule in Sugar Land, Texas include:
- Incarceration,
- Fines,
- Repayment of money stolen from victims,
- Compromised personal identifiable information,
- Inability to open bank accounts in the future, and
- A negative impact on your credit score.
There are several different state and federal charges that you could face if you participated in a money-laundering scheme in Sugar Land, including:
- Texas Penal Code § 34.02 Money Laundering
- Mail Fraud 18 U.S.C. § 1341
- Wire Fraud 18 USC §1343
- Bank Fraud 18 USC §1344
- Money Laundering 18 USC § 1956, and
- Prohibition of Unlicensed Money Transmitting Businesses 18 USC § 1960.
Speak to an Experienced Sugar Land Attorney
If you suspect you are the target of a money-laundering investigation, you should immediately reach out to a local Sugar Land criminal defense attorney. Adam Capetillo is an experienced criminal attorney who will provide you with a skilled and aggressive defense. He has years of experience defending individuals against money laundering charges in Sugar Land. Call Capetillo Law Firm today for a consultation.
