08 Dec Money Laundering: Definition and Consequences in Arizona
We aren’t talking about accidentally putting your wallet through the washing machine. Money laundering is the act of disguising the proceeds of criminal activity. It is a serious crime and it comes with some significant consequences. In Arizona, money laundering is always a felony, so a conviction means serving a prison sentence. A conviction also means having to pay heavy fines—up to three times the value of the money involved.
If you have been charged with money laundering, you need to hire an experienced defense lawyer as soon as possible. We explain more about the types of activities that can be considered money laundering and the consequences of a conviction below.
The Consequences of Money Laundering in Arizona
As we stated above, money laundering is always a felony charge. Acts of money laundering are divided into first, second, and third degree charges. Each class has its own maximum range of prison sentences, but second and third offenses have much heavier penalties than first offenses. Relief programs like parole are available on a case-by-case basis. However, they are typically only available after at least half of the sentence has been served.
First Degree Money Laundering
First-degree money laundering is a class 2 felony. Depending on the number of prior convictions, prison sentences can extend up to 35 years. To be guilty of first-degree money laundering, a person must knowingly and with the intention of concealing criminal proceeds:
- Initiate or organize the hiding of funds
- Finance the operation costs
- Direct or manage the funds
Second Degree Money Laundering
Second-degree money laundering is a class 3 felony. Sentences can range up to 25 years. These charges apply to actions such as:
- Knowingly maintain an interest in, complete transactions or transfers, or transport, receive, or conceal the existence or nature of criminal proceeds.
- Transporting or making the property available with the knowledge that it is going to be used for illegal gain.
- Conducting a transaction with the intent to conceal or disguise its nature, location, source, or ownership while knowing that the proceeds will be used to facilitate racketeering.
- Intentionally making a false statement or misrepresentation, or providing false documents to aid in money laundering.
- Evading attempts to meet reporting requirements for institutions like banks.
- Providing any false information that causes an institution to fail to file or report mandated information. Mandated information could include discrepancies that point toward money laundering or tax information.
- Falsify, conceal, cover up, or misrepresent the identity of a person in connection with a transaction in order to cover their criminal activity.
Third Degree Money Laundering
Third-degree money laundering is a class 6 felony with maximum sentences of up to six years in prison. There are several ways to be charged with this form of money laundering.
- Attempting to influence a person with money or valuable property to not report necessary information inorder to cover up or commit money laundering. This could look like a banker being given money to put a false name on bank records. Or an accountant being paid to say more money came in than records actually state.
- Being the one receive lilligal money with the intention of sending the money to another pearson. Being sent illigal funds on a money transfer app, that you then send along to another person to make the funds appear legitimate.
Charged with a Crime? Contact the Todd Coolidge Law Firm
A felony conviction will change your life. Not only will you have to serve time in prison, but after you are released, a felony can make finding housing and work difficult and ravage your social life. Felony class convictions also mean losing the right to vote or own a firearm, as well as losing eligibility for social services or certain professional licenses.
If you have been charged with a felony, you need a certified criminal defense attorney on your side. A good lawyer will help you navigate the criminal court system, organize a strong defense, and work hard to secure the best possible outcome for your case.
Contact Todd Coolidge today for a consultation, and take a step toward a better future.
Images used under creative commons license – commercial use (12/8/24). Photo by Pepi Stojanovski on Unsplash