Money laundering charges occur when an individual conducts a financial transaction with money derived from illegal activities. If you are facing money laundering charges, a Northern Virginia attorney experienced with white-collar crimes can help you mount a defense.
Money Laundering Charges Northern Virginia
Virginia laws states that it is a crime to use money obtained illegally in a financial transaction. Additionally, it is a crime to use money obtained illegally in cash conversions. Both offenses are considered money laundering, but the crimes and the potential penalties are different.
Transactions
Virginia Code makes it illegal to conduct financial transactions with money that you know is the proceeds of an illegal activity in Virginia, or any other state in the U.S.
For instance, it is against the law to invest money in a legal business if you know the money cam from selling illegal weapons or drugs. If you are convicted of money laundering through a financial transaction, you could face up to 40 years in prison, a fine of up to $500,000, or both.
Cash Conversions
Another money laundering crime is outlined in Virginia Code as well. According to this law, it is illegal for a person to convert cash into negotiable instruments or electronic funds for someone else for compensation if the person knows the cash is the proceeds of an illegal activity.
For a first-time conviction, it is a Class 1 misdemeanor. Penalties include up to 12 months in jail and/or a fine of up to $2,500. However, if a person is convicted a second or subsequent time, it is a Class 6 felony. Penalties for this conviction include up to 5 years in jail and/or a fine of up to $2,500.
Lawyer for Money Laundering Charges in Northern Virginia
Money laundering charges should be taken very seriously. However, there are ways to defend against these charges. For instance, if you acted under duress, didn’t know the money was obtained illegally, or if you didn’t intend to commit a crime. In these instances, you shouldn’t be found guilty. Our attorneys can help you review the aspects of your case and advise you on the best steps to protect your freedom and your future. Contact King, Campbell, Poretz, Mitchell today.