White-collar crimes are taken seriously in Pennsylvania. Money laundering is a felony offense and the penalties associated with a conviction can yield severe consequences and life-altering repercussions. If you are being charged with money laundering in PA it is crucial that you obtain experienced representation to ensure you understand your legal rights and options. Contact a skilled felonies attorney to discuss your case today.
What is Money Laundering?
In Pennsylvania, money laundering laws are simpler than in other states. While other states generally divide money laundering charges based on the details of the offense and the value of the property involved, Pennsylvania state law has one money laundering charge that can be applied to every case regardless of the specific circumstances of the offense.
Under Pennsylvania state law, money laundering is a first-degree felony offense and is defined as conducting financial transactions under any of the following circumstances.
- While knowing that the property involved represents the proceeds of unlawful activity, the individual acts with the intention of promoting the continuation of the unlawful activity
- While knowing that the property involved represents the proceeds of unlawful activity and that the transaction’s purpose is to conceal the nature, location, ownership, source, or control of the property
- With the intention of avoiding a transaction reporting requirement under either state or federal law
Regardless of the value of the property involved in the transaction, an individual caught performing any of the above actions can be charged with first-degree money laundering. In simpler terms, money laundering is the illegal act of taking money or property gained from criminal activities and putting it through a series of transactions so that it comes out on the other side appearing to have been obtained from legitimate sources. In this way, individuals are taking “dirty” money and making it “clean,” hence the title money laundering.
What Are the Penalties for Money Laundering in Pennsylvania?
Because money laundering is a first-degree felony in Pennsylvania, the penalties associated with the crime can be quite severe. The standard sentencing guidelines allow an individual convicted of money laundering in Pennsylvania to face:
- Fines of up to $100,000 or twice the value of the property involved in the transaction
- A term of imprisonment for up to 20 years
A conviction can also result in civil penalties of $10,000 or the value of the property or funds involved, whichever is greater.
The actual penalties that you will incur will vary depending on the details of the offense. In general, the more money or property involved, the higher your fines and the longer your prison sentence will be. However, the specifics will be based on many factors.
For more information on your rights and legal options when facing money laundering charges in Pennsylvania, reach out to an experienced attorney at Ilkhanoff & Silverstein today.
