Iowa state law takes all criminal offenses seriously and assigns consequences based on the severity and nature of the offense, as well as the losses that occur as a result of the crime, both financial and otherwise. If you are facing charges for money laundering, it is important to understand the penalties associated with a conviction. Work with a Dallas County criminal lawyer for knowledgeable representation in your case.
What is Money Laundering?
Money laundering is a serious white-collar crime. The offense generally involves financial transactions that are designed to “clean” money that is considered “dirty.” When money or property is procured through illegal activity, it can be used to trace the criminal offense. Money laundering occurs when an individual puts the illegally obtained money through a series of transactions, sales, bank accounts, offshore accounts, etc., in order to disguise the origins of the money.
Under Iowa Code 706B.2, the following actions are considered unlawful acts of money laundering.
a. Knowingly transporting, receiving, or acquiring property or conducting a transaction involving property, knowing that the property involved is the proceeds of some form of unlawful activity when the property is the proceeds of that unlawful activity
b. Making property available to another, by transaction, transportation, or otherwise, knowing that it is intended to be used for the purpose of committing or furthering the commission of that unlawful activity
c. Conducting a transaction knowing that the property involved in the transaction is the proceeds of some form of unlawful activity with the intent to conceal or disguise the nature, location, source, ownership, or control of the property or the intent to avoid a transaction reporting requirement under state or federal law
d. Knowingly engaging in the business of conducting, directing, planning, organizing, initiating, financing, managing, supervising, or facilitating transactions involving property, knowing that the property involved in the transaction is the proceeds of some form of unlawful activity that is the proceeds of that unlawful activity
What Are the Penalties for Money Laundering in IA?
Money laundering is considered a felony offense in Iowa and the penalties associated with a conviction can be quite severe. The consequences of a money laundering offense are directly related to the value of the money and property involved.
Below are the standard penalties associated with the various levels of money laundering offenses.
A violation of “a,” “b,” or “c” as listed above:
- Class C felony
- Up to $10,000 in fines or twice the value of the property involved, whichever is greater
- A term of imprisonment for up to 10 years
A violation of “d” as listed above:
- Class D felony
- Up to $7,500 in fines or twice the value of the property involved, whichever is greater
- A term of imprisonment for up to 5 years
A violation of any of these subsections could also leave you vulnerable to civil liability and a penalty of three times the value of the property involved, in addition to your criminal penalties.
Because the penalties associated with money laundering are so severe, it is imperative that you secure skilled legal advice and representation during your case. Contact an experienced criminal defense attorney today for more information.
