After the 9/11 attacks, federal prosecutors began to pay a lot more attention to money transmitting businesses, supposedly motivated by concerns about the use of these institutions to launder money from drug trafficking organizations and terrorist networks. As a result, many operators of these entities find themselves facing serious criminal charges because they failed to obtain a state license or to register with the FinCEN, an entity within the United States Treasury Department.
At David B. Smith, PLLC, our attorneys have the experience to effectively defend clients against these charges. Based in Alexandria, Virginia, we handle money transmitting cases and other federal cases on behalf of clients nationwide.
Understanding the Statutory Provisions Governing Money Transmitting Businesses
The federal criminal money transmitting statute — 18 U.S.C. § 1960 — makes it an offense to operate a money transmitting business without complying with state licensing or federal registration requirements. In addition, it is an offense to operate such a business knowing that the funds being transmitted are the proceeds of, or meant to promote, criminal activity.
Section 1960 has been applied to a wide range of money transmitting businesses, including wire transfer agencies, check cashing agencies, currency exchanges and hawala networks.
The provisions of the law are draconian, especially in the wake of amendments that were adopted after the 9/11 attacks as part of the USA PATRIOT Act. Our attorneys defend clients who have been accused of money transmitting offenses, as well as related white collar offenses such as money laundering and structuring.
To schedule a consultation to discuss your case with one of our lawyers, please contact our office today.