Money laundering in Virginia is defined as making money that was made by unlawful activities become legal. An example is when a drug trafficker invests his illegal money in a legal business.
The code of Virginia law states the following:
- A financial transaction where the money involved is knowingly from an illegal activity that is classified as a felony is unlawful.
- Turning money that came from unlawful activities that are categorized as felonies into checks, bank notes, and others. is unlawful.
The penalties for money laundering are different from other felony punishments as money laundering punishments are more severe. The penalties for an unlawful financial transaction where the money used in the transaction was made from activities that are described as felonies is either imprisonment for a period that does not exceed forty years and a fine that may go up to but not exceed $500,000.
This is different than other felony punishments as felony imprisonment punishments range from one to twenty years and the fines involved do not usually go over $100,000. The punishment for converting money obtained from unlawful activities that are recognized as felonies into checks, notes, and others is a fine that doesn’t pass $2,500 and/or a period of jail time that may not exceed one year. This means that the unlawful converting of money into checks, notes, and others is classified as a class A or class one misdemeanor. If a second attempt to illegally turn money into checks, electronic notes, etc. 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 in accordance with the laws of Virginia.
There are some crimes that are covered up by the use of money laundering. These include health care fraud, mortgage fraud, and many others. The businesses that use money laundering are businesses that have huge cash inflows. Money laundering happens due to the failure of the government to know what the citizens are doing and what illegal activities are occurring throughout the state of Virginia.
The following sections are the two stages that money laundering goes through
Section A Violation: Financial Transaction
Section A prohibits a person from conducting a financial transaction with knowledge that the property involved in the transaction comes from illegal activity. The kind of transaction that violates the statute is one in which the person has the intention to hide or disguise aspects of the transaction such as the location, source, ownership, or control of the property, or to not allow the transaction being reported under state or federal law.
Section B Violation: Cash Conversion Violation
Under Section B, it’s illegal for a person to receive compensation for the conversion of cash into negotiable instruments or electronic funds with knowledge that the cash obtained was made by illegal activities.
Punishments for Section A Violations in Virginia:
- Penalized by imprisonment not to exceed 40 years and/or a fine up to $500,000.
Punishments for Section B Violations in Virginia:
- The first violation of Section B is classified as a class one misdemeanor;
- Any second or subsequent violation is classified a class six felony, punishable by imprisonment not to exceed 5 years.
If you need a Virginia Money Laundering Lawyer to help you with your Money Laundering case in Virginia, call us at 888-437-7747. Our Virginia Money Laundering Attorneys can help you.