Money laundering is when money is transferred in a criminal way or obtained through criminal activity. Criminals tend to start businesses and convince people that they are “legitimate,” only to funnel illegal funds into the business and fabricate orders that never existed. Money laundering is one of the best ways to hide the origin of money, which is why criminals partake in this activity. Now we will answer some of your most important questions regarding money laundering and how the crime can affect you.
What are the elements of a money laundering crime? To be convicted of money laundering in California, according to Penal Code laws, there are many elements that must be met including bank deposits, withdrawals, fund transfers, wire transfers, payments, and more. The defendant also much have performed one transaction within seven days equaling more than $5,000.
What are the different types of money laundering? Some of the most common forms of money laundering include structuring (breaking cash into smaller deposits of money), bulk cash smuggling (smuggling cash into another jurisdiction), trade-based businesses (criminally derived cash), and shell companies.
What statutes pertain to money laundering laws? California Penal Code Sections 186.9-186.10 cover money laundering laws in the state.
What are the penalties for this crime? You may be imprisoned in county or state prison for up to a year. The fine may be up to $250,000 or double the amount of the financial transactions.
If you have been convicted of money laundering in California, you must speak to an attorney that can help you with your case. We can help you understand your charges and help you use a defense for your case. Give us a call today.