Money Laundering Penalties  

         According to some reports, money laundering has grown exponentially in the US. The people who launder money get it from illegal sources and then make use of the various financial instruments to show that the money has come from a legal source. Hence, by using various methods like wire transfer or banking institute, this illegal gain is made into legal money.

         Usually the assets that involve money laundering include real estate, art, precious metal and casinos, both online and land-based. Some of the examples where money laundering can pose a big risk are private banking, commodities, complex financial transactions, correspondent banking and structured finance.

         In the US, all the states have the same charge for a person indulging into money laundering. Usually when people speak about money laundering, they think that ill-gotten money is used for legitimate investments or purchasing a new property and this allows the money to become legal or white. However, when a person is charged with money laundering, it is not necessary for the person to buy or invest the money that he or she received from illegal sources. Basically, money laundering is either receiving or transferring money that has come from illegal activities. So, if you are the recipient of money that you know has come from drug dealing or any other criminal activity, you can be charged for money laundering.

         The penalty for money laundering depends on the amount of money a person has laundered in the year. It is a felony crime. If a person has laundered $100,000 or more, then it is a first degree felony that attracts a jail time of 30 years. If the person has laundered over $20,000, but less than $100,000, it is a second degree felony and carries a jail time of up to 15 years. And, if the person has laundered more than $3,000, but less than $20,000, it is considered a third degree felony and carries a jail time of up to 5 years. In addition, the person may be directed by the court to pay up the value of the money that was laundered or a civil penalty of around $25,000 depending on which is the higher amount.

         If a person is charged for money laundering, then he or she definitely needs the services of an experienced lawyer.

 

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Money Laundering Penalties
 

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