Money Laundering Laws in Virginia

Money laundering is considered any monetary or economic commotion done intentionally to launder or hide a product using unlawful means. That is, the alteration, transferal, gaining, proprietorship or usage of things, on the rights of those resources that come from a illegitimate activity or participation in such activity hiding or obscuring the true character, origin, location, outlook, movement or ownership of said goods with the intent of evading the action of the authorities with a vision for the future enjoyment of the product in an illegal manner.

The money laundering process

over-all, this unlawful process is divided into three steps:

Placement, which consists of the placement of the goods, the rights over said goods and product resulting from these goods coming from prohibited activities in the monetary or economic circuit, through an economic or monetary activity considered legal;

Layers (stratifying) consisting of the stratification of these goods, rights and / or the product of said goods through the execution of successive and complex operations with the objective of transforming and hiding, dissociated from the goods, rights or products of these illegitimate goods of the source of crime, thus creating a network in such a complex way that from a certain point it is impossible to identify its origin. Generally, it is at this stage that “offshore” accounts are used to hide and disguise and separate the goods, rights, and proceeds or goods from the crimes of those activities;

The integration , which is the last step is the integration of these assets, rights and / or the proceeds of those assets back into the legitimately pecuniary and monetary circuit to be assimilated together with all other assets and other pecuniary activities and monetary system with a vision for the future enjoyment of the product as if it had been obtained rightfully.

Statute:

  • 18.2-246.3
  • 18.2-246.2
  • 18.2-246.4

The penalty for money laundering:

It will be unlawful for any person purposely to direct a money-related exchange where the person knows the property associated with the exchange speaks to the returns of an action which is culpable as a lawful offense under the laws of the Commonwealth, another state or region of the United States, the District of Columbia, or the United States. A contravention of this area is deserving of detainment of not over forty years or a fine of not more than $500,000 or by both detainment and a fine

Any individual who, for remuneration, changes over money into debatable instruments or electronic resources for another, knowing the money is the returns of some type of action which is culpable as a crime under the laws of the Commonwealth, another state or domain of the United States, the District of Columbia, or the United States, will be liable of a Class 1 misdemeanor. Any second or resulting infringement of this subcategory will be culpable as a Class 6 lawful offense.