What is money laundering?

Money laundering is a white-collar crime under the law in Virginia. It is the process of making an illegally obtained sum of money seem legitimate, or “laundering” it, so that it can be used in a legitimate way. Money laundering typically occurs in three stages. First, criminals will hide or disguise money that was illegally obtained from its origin. This could be done through the transfer of funds into a foreign account or the use of fake businesses to hide the money. Next, criminals may attempt to move or transfer the money in ways to make it difficult to trace its true origin. This might include changing the form of the money, such as exchanging it for foreign currencies or buying and selling different types of investment products or commodities. Finally, the laundered money is either invested in legitimate businesses or put into bank accounts that can be accessed by the criminals. This allows the criminals to use the laundered money as if it had been legally obtained and without detection. Money laundering is a serious crime in Virginia and can lead to serious consequences, such as jail time and large fines. It is important to know the signs of money laundering and report any suspicious activity to law enforcement. That way, you can help protect yourself and your community from this illegal activity.

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