{"id":376982,"date":"2018-05-24T14:17:54","date_gmt":"2018-05-24T19:17:54","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/virginia-law\/virginia-money-laundering-laws.html"},"modified":"2018-05-25T14:06:42","modified_gmt":"2018-05-25T19:06:42","slug":"virginia-money-laundering-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/virginia-law\/virginia-money-laundering-laws.html","title":{"rendered":"Virginia Money Laundering Laws"},"content":{"rendered":"\n
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Virginia Money Laundering Laws<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Individuals who channel funds from unlawful activities to legitimate enterprises can be charged with the offense of money laundering.<\/a> For instance, a drug trafficker takes "dirty" money from the drugs sales and "cleans" the money by investing in a lawful business such as a nail salon. In Virginia, the money laundering statute has two subsections that coordinate with the two separate instances of money laundering violations in the state: Subsection A involves financial transactions; subsection B involves cash conversions.<\/p>\r\n

Section A Violation: Financial Transaction<\/h2>\r\n

Section A prohibits an individual from conducting a financial transaction with knowledge that the property involved in the transaction comes from the proceeds of a felony or felonious activity<\/a>. The kind of transaction that violates the statute is one in which the individual has an intent to hide or disguise aspects of the transaction such as the nature, location, source, ownership, or control of the property, or to prevent the transaction from being reported under state or federal law.<\/p>\r\n

Section B Violation: Cash Conversion Violation<\/h2>\r\n

Under Section B, it's illegal for an individual to receive compensation for the conversion of cash into negotiable instruments<\/a> or electronic funds with knowledge that the cash derived from the proceeds of a felony.<\/p>\r\n

Virginia Money Laundering Laws at a Glance<\/h2>\r\n

While it's important to know the detailed wording of a statute, it's also helpful to refer to basic terminology to illustrate how the law functions. See the chart below for an overview of Virginia's money laundering laws.<\/p>\r\n\r\n

Statute<\/b><\/p>\r\n<\/td>\r\n

Possible Penalties<\/b><\/p>\r\n

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The actual penalties are contingent on the specific circumstances of the case. The following are general guidelines determined by the statute.<\/p>\r\n

Penalties for Section A Violations:<\/b><\/i><\/p>\r\n

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  • Punishable by imprisonment not to exceed 40 years and\/or a fine up to $500,000.<\/li>\r\n<\/ul>\r\n

    Penalties for Section B Violations:<\/b><\/i><\/p>\r\n

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    • A first violation of Section B is classified as a Class 1 misdemeanor.<\/li>\r\n
    • Any second or subsequent violation is classified a Class 6 felony, punishable by incarceration not to exceed 5 years, or in the discretion of the jury or the court, confinement in jail for no more than 12 months and\/or a fine not exceeding $2,500.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>

Possible Defenses<\/b><\/p>\r\n<\/td>\r\n

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  • Duress<\/li>\r\n
  • Entrapment<\/li>\r\n
  • Lack of intent<\/li>\r\n
  • Lack of knowledge: Defendant was unaware that the money received was obtained illegally.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>

Related Offenses<\/b><\/p>\r\n<\/td>\r\n