Money laundering is a serious white-collar crime and can carry a variety of severe penalties and consequences. If you are facing money laundering charges in California it is crucial that you hire a skilled criminal defense attorney and build an effective defense. Reach out to a Tehama County white collar crimes lawyer today for more information and representation.
What is Money Laundering?
Money laundering is a white collar crime, meaning that it is an illegal action that does not involve violence and is generally financially motivated.
Under California penal code 186.10, money laundering is defined as a person conducting or attempting to conduct monetary transactions through a financial institution with the intent to promote, manage, establish, carry out, or facilitate criminal activity OR while knowing that the money was derived from criminal activity.
The crime involves channeling money obtained from unlawful practices through bank accounts and legitimate financial institutions to make the source of the money untraceable. Through this crime, “dirty” money can become “clean” and be used for whatever the owner desires since the illegal origin of the funds is concealed.
What Are the Penalties for Money Laundering in California?
In California, money laundering is what is known as a wobbler offense. This means that the crime can be charged as either a misdemeanor or a felony depending on the details of the situation and the circumstances surrounding the case.
Misdemeanor money laundering can result in up to 1 year in county jail and fines of up to $1,000 or twice the value of the funds transacted, whichever is greater.
If the offense is prosecuted as a felony, however, the term of imprisonment can last up to 3 years with a maximum fine of $250,000 or twice the value of the funds transacted, whichever is greater. Second or subsequent offenses will result in more severe penalties, such as an increase in prison time and additional fines. If you are found guilty of money laundering more than once, the maximum fine increases to $500,000 or five times the amount of money laundered.
If the amount of money involved in the crime is greater than $50,000 but less than $150,000 an extra year in prison can be added to the sentence. Between $150,000 and $1,000,000 can result in an additional two years, $1,000,000 to $2,500,000 can add three years, and finally, if the amount exceeds $2,500,000 an additional four years can be added.
You may be able to avoid jail time after a money laundering conviction through diversion programs or probation. Probation is not an option for second-time offenders, but if this is your first offense you could avoid a term of imprisonment. Reach out to a Cohen Criminal Law to learn more about your legal rights and options.
