Money laundering is a serious criminal offense that carries harsh penalties. If you have been accused of committing a white-collar crime, it’s in your best interest to contact an experienced Chesterfield Criminal Defense Lawyer who can help build your defense. Please continue reading as we explore the penalties for money laundering in South Carolina.
What is Money Laundering?
Money laundering is a serious white-collar crime. Under South Carolina law, an individual can be arrested and charged with money laundering if they engage in a process of conducting transactions involving the proceeds of criminal conduct with the intent to:
- Promote the continuation of unlawful activities
- Conceal or disguise the nature, location, source, and ownership of the proceeds of illegal activity
Essentially, it’s a series of financial transactions that are designed to mask that the funds were made from illegitimate or criminal activity, such as drug dealing, identity theft, or tax evasion. Through various banking transactions, the money’s source appears to be legitimate and is then returned to the owner as “clean money.” In other words, money laundering is the process of cleaning “dirty money.”
What Are the Potential Penalties?
Regardless of the method, money laundering is a serious criminal activity that is punishable by state and federal law. The severity of the penalties you will face depends on the amount of money involved, the nature of the crime, and the methods used to disguise the money. Consider the following:
- For transactions between $300 and $20,000: This is considered a class F felony, which is punishable by a maximum sentence of up to 5 years in prison.
- For transactions between $20,000 and $100,000: This is considered a class E felony, which is punishable by a maximum sentence of up to 10 years in prison.
- For transactions totaling or exceeding $100,000: this is considered a class C felony, which is punishable by a maximum sentence of up to 20 years in prison.
It’s important to note that fines of up to twice the value of the monetary transactions made to engage in money laundering may be imposed.
What Are Potential Defenses Against Money Laundering Allegations?
If you have been accused of money laundering, several defenses may be raised to clear your name depending on the circumstances of your case. For starters, you may argue that you lacked intent or knowledge. You can assert that you were unaware of the money’s criminal origin or that you had no intent to further criminal activities. If the transactions fall below the defined monetary thresholds, it can also serve as a valid defense against money laundering charges. Furthermore, if law enforcement has violated your constitutional rights, such as executing an unreasonable search or coercing a confession, it can lead to the dismissal of charges.
As you can see, a conviction for money laundering can carry serious criminal penalties. At the Cockrell Law Firm, P.C., we are prepared to help you formulate a robust defense strategy. Connect with our firm today for skilled representation.
