Money Laundering in Washington State
Money laundering is a serious offense that involves the process of concealing the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. In the state of Washington, the law regarding money laundering is outlined in comprehensive detail, providing guidelines and penalties for those involved in such activities.
Overview of the Washington State Money Laundering Statute:
Washington’s money laundering statute, as delineated in RCW 9A.83.020, establishes the criminal offense and associated penalties for individuals engaged in money laundering activities. The statute classifies money laundering as a Class B felony, underlining the severity of the offense.
Elements of Money Laundering:
The statute outlines several key elements that must be proven for an individual to be charged with money laundering:
Knowledge of Proceeds:
A person is considered guilty of money laundering if they conduct or attempt a financial transaction involving the proceeds of specified unlawful activity and knowingly recognize that the property is derived from such unlawful activity.
Concealment or Disguise:
Money laundering charges can also be brought if an individual is aware that a transaction is designed, in whole or in part, to conceal or disguise the nature, location, source, ownership, or control of the proceeds. This includes reckless behavior concerning whether the property is derived from specified unlawful activity.
Avoidance of Reporting Requirements:
Another circumstance leading to money laundering charges is when an individual knowingly engages in a transaction designed to avoid a transaction reporting requirement under federal law.
Additional Proof Requirements for Specific Cases:
The statute recognizes specific situations that warrant additional proof requirements:
Attorneys in Criminal Investigations:
When a licensed attorney accepts a fee for representing a client in a criminal investigation or proceeding, the prosecution must prove that the attorney accepted proceeds of specified unlawful activity with the intent to conceal or disguise the nature of the proceeds or to avoid federal transaction reporting requirements.
Financial Institutions and Employees:
In cases involving financial institutions and their employees, the prosecution must prove that proceeds of specified unlawful activity were accepted with the intent to conceal or disguise the nature of the proceeds or to avoid federal transaction reporting requirements.
Penalties and Civil Liability:
Money laundering in Washington is classified as a Class B felony, carrying severe criminal penalties. In addition to criminal consequences, individuals found guilty of money laundering may also face civil penalties. The statute mandates a civil penalty of twice the value of the proceeds involved in the financial transaction, along with the costs of the suit, including investigative and attorney fees.
The Washington State money laundering statute is a robust legal framework designed to combat the illicit activities of concealing and disguising unlawfully obtained funds. Understanding the intricacies of this statute is crucial for legal professionals, such as those at the Law Office of Erin Bradley McAleer, who are dedicated to upholding justice and defending the rights of their clients against charges related to money laundering. If you or someone you know is facing fraud charges including money laundering, call us today for a free consultation at (360) 334-6277.