You are probably somewhat familiar with the term “money laundering.” You might have heard about it on the news or maybe on a television show, but do you understand what it involves?

Money laundering is a serious offense both in the eyes of New Jersey law and federal law, so it’s a good idea to understand exactly what it means.

By the end of this blog you’ll know the basics of money laundering and the various types of punishment that comes along with it.

What You Need to Know About Money Laundering

Money laundering is the process of concealing proceeds that come from criminal conduct by making the proceeds appear to have come from a legitimate source or through a legitimate business. The following situations fall under money laundering in New Jersey:

• Possessing property that comes from illegal activity
• Preventing a financial organization from submitting legally required reports or causing the organization to file a report with false or missing information.
• Conducting a transaction involving property when you’re fully aware that the purpose of the transaction is to conceal the original source of the property or to avoid filling out a legally required report about it.

In New Jersey the penalty for money laundering depends on the amount of property involved. Here is a list of possible consequences:

• $500,000 or more – This is a first-degree crime and carries a 10-20 year prison sentence.
• $75,000-$499,000 – This is a second-degree crime and carries a 5-10 year prison sentence.
• Less than $75,000 – This is a third-degree crime and carries a 3-5 year prison sentence.

Furthermore, if you prevent a legally required report from being filed for a financial organization, you could be charged with a third-degree crime and face 3-5 years in prison.

Contact This Attorney for Money Laundering in New Jersey Today!

If you are facing charges involving money laundering, you need to contact a New Jersey money-laundering lawyer you can trust. With Mr. Catanzaro’s three decades of experience and many areas of practice, he’ll work hard for the best results for your case. Call his offices today at 609-261-3400 for a free consultation.