Money laundering is the concealing or disguising illegal sources of money so that it appears that it comes from legal sources. The U.S. Department of Justice (DOJ) defines money laundering as “the process by which criminals conceal or disguise the proceeds of their crimes or convert those proceeds into goods and services.”
Because money laundering can potentially cause significant economic, social and security harms, the crime is aggressively prosecuted.
California Money Laundering Laws
California Penal Code § 186.10 states that anyone who conducts or attempts to conduct one or more transactions using one more financial institution within a seven-day period involving a total value exceeding $5,000 – or conducts transactions totaling more than $25,000 within a 30-day period – to establish, promote, manage, or support criminal activity is guilty of money laundering. Receiving or processing funds knowing that the money is directly or indirectly derived from proceeds of criminal activity is also considered money laundering.
Money Laundering Penalties
A money laundering conviction in California can be charged as a felony and carries a maximum of three years in prison and a maximum fine of $250,000 or twice the value of the transacted property, whichever is greater. Each unlawful transaction is considered a separate offense.
Subsequent money laundering convictions increases the maximum fine to $500,000 or five times the value of the transacted property. If circumstances include other “aggravating factors” the fine and/or prison sentence will be greater.
How Our Law Offices Can Help You with a Money Laundering Charge
Conviction of money laundering takes a substantial financial and personal toll. If you are under investigation or have been charged with money laundering, experienced legal representation can protect your rights and your financial future.
The Law Offices of David A. Stein specializes in white collar crime defense, including money laundering. We are completely dedicated to protecting the rights of our clients and have a reputation for working aggressively to get the best possible outcome. David Stein has helped hundreds of people avoid conviction, exorbitant fines, or jail sentences.
Our highly experienced lawyers will evaluate the strength of the case against you and will advise you about, and through, the entire money laundering defense process. We provide you outstanding expertise in handling matters in both state and federal courts. We are located in Irvine, CA and serve all of Orange County.