Money laundering, a crime under both New Jersey and federal law, is defined as the process of disguising property that was obtained from unlawful activity in financial transactions. This is done by channeling the property through legitimate businesses in order to hide the original illegal source. The property is usually money, but it can be any kind of property such as cars, real estate, electronics, airplanes or drugs, to name a few examples.
If you have been charged with a related white collar crime, it may be imperative to speak with a New Jersey money laundering lawyer. A distinguished white collar crimes attorney can help you establish a strong case.
What Does the Prosecution of a Money Laundering Case Need to Prove?The prosecution must prove the defendant used the property knowing it was the proceeds of an unlawful activity and knew the transaction was designed to hide the nature, source, location, and ownership of the control of the proceeds of the illegal activity. New Jersey law is more comprehensive than the federal law and spells out specific situations on when to apply the law.
If you or a loved one was accused of money laundering, do not hesitate to contact a New Jersey money laundering lawyer who can examine all of the aspects of your case, advise you of your best legal options going forward, and begin building the most robust defense possible against the charges.
Classifying Money Laundering ActivityNew Jersey lists three types of activity that will constitute money laundering. These include:
- Owning property that any reasonable person would know came from illegal activity
- Participating in a transaction that uses such property knowing that purpose is to disguise the source of the property, or to avoid reporting requirements
- Not allowing a financial institution to file a state or federally required report, or causing a financial institution to file a report that includes false facts or material omissions
Courts in New Jersey may imprison a defendant convicted of money laundering to up to 20 years in prison, issue a fine of up to $500,000, or double the illegal property’s value. The severity of the crime, and therefore the sentence, will depend on the value of the property used in the commission of the laundering. First-degree charges for a property’s value of $500,000 or more, can lead to a prison sentence can range from ten to twenty years.
If property’s value is $75,000 to $499,000, second-degree charges can lead to a prison sentence can be between five and ten years. Third-degree charges for a property value of less than $75,000 can result in a prison sentence ofthree to five years. Third-degree charges involving obstructing a state or federal-required report from a financial institution which can also lead to three to five years.
Contacting a New Jersey Money Laundering AttorneyIf you were accused of money laundering or other white-collar crimes, contact a New Jersey money laundering lawyer as soon as possible. Experienced attorneys handle cases in both federal and state court and mount as strong a defense as possible for individuals to ensure their rights are protected and they receive a fair day in court.