Laundering of Monetary Instruments in South Carolina
What is Money Laundering?
Money laundering is committed when someone conducts or attempts to conduct a financial transaction which in fact involves the proceeds of some form of illegal activity. In other words, money laundering is the process of taking the proceeds of criminal activity and making them appear legal.
The crime of money laundering is a threat to the United States tax system in that taxable illegal source proceeds go undetected and therefore, elude being taxed. Both schemes use nominees, currency, multiple bank accounts, wire transfers, and international “tax havens” to avoid detection. These untaxed funds create an underground untaxed economy that ultimately erodes public confidence in the tax system.
Elements for Money Laundering occurring within the U.S.:
- A financial transaction has occurred (i.e. movement of funds through wires or other means); AND
- property from financial transaction is in fact proceeds of a specified unlawful activity (SUA); AND
- defendant must have knowledge that property represents proceeds of some form of unlawful activity: AND
- defendant acted with intent to;
- promote an SUA; OR
- evade taxes; OR
- conceal or disguise SUA; OR
- avoid transaction reporting requirements
Penalties: up to $500,000 fine or twice the value of the property involved in the transaction (whichever is greater) AND/OR up to 20 years in prison
Elements for International Money Laundering:
As defined by federal statute, international money laundering occurs when someone transports, transmits or transfers, or attempts to transport, transmit or transfer a monetary instrument or funds from a place in the United States to or through a place outside the United States or vice versa:
- With the intent that the financial transaction was intended for promoting an SUA; OR
- the defendant knew the proceeds from a SUA was designed to:
- conceal or disguise the nature , location, source, ownership or control of proceeds of SUA; OR
- avoid a transaction reporting requirement under State or Federal law
Penalties: up to $500,000 fine or twice the value of the property involved in the transaction (whichever is greater) AND/OR up to 20 years in prison
If you or someone you love has been charged with the crime of money laundering, our team of defense attorneys at the Strom Law Firm, L.L.C. are experienced and knowledgeable in mounting an aggressive defense in your case. Contact our team today for a free consultation.
