How is money laundering prosecuted?

In South Carolina, money laundering is the process of taking money that has been obtained illegally and transferring it to another source in an attempt to make it appear as though it was legally obtained. Money laundering is prosecuted in South Carolina with both criminal and civil penalties. If convicted of money laundering, individuals may face imprisonment for up to ten years and fines of up to $500,000. The South Carolina Criminal Solicitation Act criminalizes the attempt to or commission of the act of money laundering and applies to any person who provides, or attempts to provide, material support to any individual, organization, or entity that is engaged in money laundering activities. The South Carolina Unfair Trade Practices Act is also employed to prosecute money laundering in some cases. This law makes it illegal for any person or business to engage in a deceptive or unfair trade practice that involves money laundering. This includes any attempt to hide the proceeds of an illegal activity or to use money laundering to avoid paying taxes. The Federal Bank Secrecy Act is another law that is often used to prosecute money laundering in South Carolina. This law requires all financial institutions to report any transactions that involve more than $10,000 to the U.S. Department of Treasury. The failure to report a suspicious transaction can result in criminal charges and penalties for the financial institution and the individual who committed the money laundering.

Related FAQs

How is a civil lawsuit related to a white collar crime?
What are the consequences for violating banking regulations?
How is white collar crime defined?
What is the difference between a plea bargain and a plea agreement?
What is asset forfeiture?
What is the difference between a felony and a misdemeanor?
How is criminal intent proven in a white collar crime case?
How does the statute of limitations apply to white collar crimes?
How is tax fraud committed?
What is the difference between money laundering and other financial crimes?

How is money laundering prosecuted?

Related FAQs

Related Blog Posts