In fiscal year 2022, 1,001 individuals were prosecuted for money laundering. Money laundering is an increasing concern in our society and is considered an offense committed by wealthy businessmen and politicians.
Money laundering involves taking illegally earned money and making it appear as though it was earned through legitimate means. The offender will often attempt to cover the crime by transferring money between offshore accounts. Although the crime does not cost lives, it can lead to financial ruin for thousands of victims.
If you are facing money laundering allegations, our South Carolina criminal defense attorneys can salvage your freedom and good name.
Federal Charges
A defendant may be charged under state or federal laws for money laundering. Under federal law, you may be charged under 18 U.S.C. §1956 or §1957. A defendant may be charged under §1956 regarding the following schemes:
- Taking part in a financial transaction knowing that part of or the entirety of the money was gained through illicit means but attempts to conceal the source of the funds
- Transporting, transmitting, or transferring funds internationally with the intention of promoting money laundering, concealing the source of the funds, or avoiding reporting the revenue for tax purposes.
If prosecuted under §1956, you face up to 20 years of incarceration, fined $500 or twice the amount of the laundered funds (which is greater), or both imprisoned and fined.
If the property is more than $10,000 in value, a defendant may be charged under §1957. If convicted, you may be imprisoned for ten years, fined, or both.
State Charges
If you are charged under The South Carolina Anti-Money Laundering Act, the penalties will depend on the value of the funds or property laundered.
The following penalties will apply to those prosecuted under the law:
- If the amount of laundered funds is between $300-$20,000, you will be charged with a class F felony. If convicted, you will be imprisoned for up to five years or fined.
- If the amount of laundered funds is between $20,000 and $100,000, you will be charged with a class E felony. If convicted, you will be imprisoned for ten years or fined.
- If the amount of laundered funds exceeds $100,000, you will be charged with a class C felony. If convicted, you may be imprisoned for 20 years or fined.
Federal Asset Forfeiture
If prosecuted for money laundering, the federal government may seize your property. Asset forfeiture deprives criminals of crime proceeds, compensates victims, and deters the public from partaking in such ventures.
There are three types of federal forfeiture: criminal, civil judicial, and administrative. Money laundering assets are obtained through either criminal or civil judicial forfeiture. While criminal forfeiture requires an indictment to seize the property, this is not required for civil judicial forfeiture. Rather, civil judicial forfeiture allows anyone who has an interest in the property to make a claim against it.
Facing Money Laundering Allegations? Reach Out to Our South Carolina Criminal Defense Attorneys
If you have been arrested or charged with money laundering, your freedom and future are on the line. Money laundering charges will not go away on their own, with you being at risk of paying hefty fines and spending years in prison if convicted.
At Query Sautter & Uricchio, LLC, our South Carolina criminal defense lawyers adamantly believe that everyone deserves exceptional representation when facing criminal charges. If you are ready to get started, contact us online or by phone to schedule your initial consultation.