Florida’s Anti-Money Laundering Statutes

The police are investigating a couple who are doing suspicious things with a lot of cash. They are depositing money into different bank accounts under different names and are avoiding reporting requirements. They are also paying off debts with cash from sales in Colombia and Venezuela. They are involved in a company that is accepting cash deposits even though they have never done business in Florida. These actions are illegal and could be considered money laundering. This couple is in big trouble for handling a large amount of money that they believe is drug money. They are violating several Florida laws related to money laundering and could face criminal charges, fines, and even lose their home and car. They are accused of breaking the law by handling money and could face serious consequences. The Florida Legislature has strict laws to prevent money laundering. If someone who is not registered tries to do the business of a money transmitter, or if they don’t follow reporting requirements for cash transactions over $10,000, they could face serious felony charges and hefty fines. The laws are designed to work together to create a comprehensive anti-money laundering initiative. The Florida Money Laundering Statute requires financial institutions to keep records of transactions over $10,000 and report any suspicious activity to prevent money laundering. The law also aligns with federal anti-money laundering laws and includes penalties for violating these rules. If someone knows that money comes from illegal activities and they use that money in any financial transaction, like depositing it in a bank or spending it at a business, they can get in trouble. They can also get in trouble for transporting that money, if they know it’s from illegal activities. This is because the law considers them to be acting like a bank or financial institution. So, if the couple knew the money was from selling drugs and they used it in any financial transaction, they could be in trouble. The Florida RICO Act and Contraband Forfeiture Act are powerful tools to fight organized crime like drug trafficking and money laundering. They allow law enforcement to seize illegal money and property used in criminal activities. If someone is found guilty, they can face heavy fines and forfeiture of their assets. These laws help law enforcement combat sophisticated money laundering schemes and hold criminals accountable for their actions. The government wants to stop money laundering in our state by making strict laws and increasing penalties for people who do it. Money laundering is when criminals make their illegal money look like it comes from a legal source. It involves three steps: putting the illegal money into the financial system, moving it around through different transactions, and making it look like it came from a legal source. This is often connected to the illegal drug trade. The government thinks that by making tougher laws and increasing penalties, they can stop money laundering from happening. The Black Market Peso Exchange (BMPE) is a big problem for law enforcement because it helps drug traffickers launder money from illegal drug sales. They sell U.S. currency at a discount to money brokers, who then use the money to buy goods in Colombia. This system fuels the contraband market in Colombia and makes billions of dollars each year. The traffickers also use individuals in both Colombia and the U.S. to open checking accounts in the U.S. to launder their money. They use the money to pay debts and buy merchandise, and the brokers and money couriers get a cut of the profits. This is illegal and is known as structuring or structuring a transaction. Drug traffickers also use a “quick count bundle” to quickly count large sums of money during transactions. A positive dog alert means that the money or item has been near a lot of drugs recently. There are laws in Florida that deal with this, such as chapter 560 and section 655.50. There are also federal laws, like 18 U.S.C.§1956 and 31 U.S.C.§5324. A financial institution includes any business that sends money, like a bank. In 1998, a law called 31 U.S.C. §5313(a) and a Florida state law called Fla. Stat. §655.50 (1997) required banks to report any cash transactions over $10,000 to the government. This means a couple would have to report a cash transaction over that amount. There are also laws about money laundering and asset forfeiture in Florida, so it’s important to follow the rules when handling large amounts of cash. Israel Reyes is a lawyer in Miami who used to be a police officer. He is part of a unit that investigates organized crime. He is very educated and has a lot of experience in criminal law. This information was provided by the Criminal Law Section.

Source: https://www.floridabar.org/the-florida-bar-journal/floridas-anti-money-laundering-statutes/