The penalties for money laundering in Pennsylvania can be severe. If you are facing related charges it is crucial that you seek legal advice and representation. Consult with a Montgomery County felony lawyer for more information today.
What is Money Laundering?
Money laundering is the illegal action of conducting financial transactions in a way intended to conceal the source of money. When individuals obtain money or property from an illegal activity like drug trafficking or manufacturing, for example, they may conduct a series of transactions through banks, offshore accounts, or other financial institutions to “clean” the “dirty” money and make it seem like the funds came from a legitimate source.
While many states categorize money laundering offenses based on the value of the money or property involved, Pennsylvania only enforces one level of money laundering charge: first-degree. Under Pennsylvania state law, a person is guilty of money laundering in the first degree if they participate in or conduct a financial transaction under any of the following circumstances.
- With knowledge that the property involved, including stolen or illegally obtained property, represents the proceeds of unlawful activity, the person acts with the intent to promote the carrying on of the unlawful activity.
- With knowledge that the property involved, including stolen or illegally obtained property, represents the proceeds of unlawful activity and that the transaction is designed in whole or in part to conceal or disguise the nature, location, source, ownership or control of the proceeds of unlawful activity.
- To avoid a transaction reporting requirement under State or Federal law
If you have participated in any of the above actions, you are in violation of Section 5111 Title 18 of the Pennsylvania Consolidated Statutes. A conviction of this offense can result in a plethora of legal consequences.
What Are the Penalties for Money Laundering in PA?
If you are facing criminal charges for money laundering in Pennsylvania it is crucial that you fully comprehend the potential consequences associated with a conviction. Because money laundering is a first-degree offense, the penalties you receive may be severe.
Per the standard sentencing guidelines for money laundering in Pennsylvania, a conviction can result in a term of imprisonment for up to 20 years and criminal fines of up to $100,000 or twice the value of the property involved in the scheme. You may also incur civil penalties including fines of $10,000 or equal to the value of the property involved, whichever is greater.
What Are Some Defenses to Money Laundering?
If you are facing money laundering charges in Pennsylvania it is crucial that you obtain skilled representation and discover your defensive options. Depending on the details of your situation you may be able to implement the following defenses in your case.
- Lack of knowledge of the source of the funds
- Lack of intent to disguise or conceal the origins of the proceeds
- Entrapment
To learn more about how you can use the above defensive tactics, reach out to an experienced attorney at Cohen & Patel today.
