Money laundering is defined as making money generated from illegal activities appear clean, as legal. An example of money laundering is the Smurf. Smurfing is when money is put into an account by using small deposits at a time until all the money is in the account. This method is used because it doesn’t raise suspicions around you like large one-time deposits do.
Another example is when a drug trafficker invests his illegal money in a legal business. Virginia’s law code states the following:
- A financial transaction in which money is knowingly involved in illegal activity that is classified as a felony is illegal.
- The conversion of money from illegal activities classified as serious crimes into checks, bank notes, etc. It is illegal.
The money laundering punishment is different from other felony punishments as the money laundering punishments are more severe. The punishment for an illegal financial transaction in which the money used in the transaction was made from activities that are described as felonies is imprisonment for a term not exceeding 40 years and a fine that may go up to but not exceed $500,000.
This is unlike other felony punishments, as felony jail sentences range from one to 20 years and the fines involved are typically no more than $100,000. The punishment for converting money obtained from illegal activities that are recognized as felonies into checks, notes or other is a fine not to exceed $2500 and/or a period of jail time not to exceed one year. This means that the illegal conversion of money into checks, bills, or other items is classified as a class A or class one misdemeanor. If a second attempt to illegally convert money into checks, electronic notes or more, then the punishment will be more severe as it will be classified as a class six felony. In this case, the punishment is imprisonment from one to five years.
There are some crimes that are covered by the use of money laundering. These include health care fraud, mortgage fraud, etc. Companies that use money laundering are companies that have a large amount of cash inflows. Money laundering occurs because the government does not know what citizens are doing and what illegal activities are occurring throughout the state of Virginia.
The money laundering laws in Virginia are different from other laws. The money laundering laws specify certain punishments to a type of money laundering and do not recognize them as one of the crimes or classes of misdemeanors. Although one type of money laundering is not specified, which is financial transactions, the other type is recognized as a class or a class of misdemeanors . This misdemeanor money laundering is when illegal money is turned into checks, bills, etc. The specified money laundering punishment is a fine that can go up to $500,000 and/or a term in prison that can reach but not exceed 40 years. The lesser punishment for money laundering is a fine that can be up to $2,500 and/or a year or less in jail.
If you need a Virginia money laundering attorney to help you with your Virginia money laundering case, call us at 888-437-7747. Our Virginia money laundering attorneys can help. C