All types of people and businesses enter into financial deals, and this is usually normal. Some types of transaction, especially involving large amounts of cash, can raise eyebrows among government officials. One of the biggest concerns that law enforcement agencies have is money laundering, a way that many criminals and their organizations fund illicit activities.
What is money laundering?
The crime of money laundering is any sort of transaction that is designed to conceal the acts or accounts from where illegal income or other funds came. This could include anything from international transfers of millions of dollars to changing the bills from a purchase of illegal drugs.
How does Maryland make money laundering illegal?
No Maryland statute makes money laundering a crime, but other statutes can be used to charge launderers with felonies and misdemeanors. State law governing fraud, bribery and organized crime cover most crimes connected to money laundering. Federal statutes on racketeering, a type of fraudulent business deal, may also punish money launderers in Maryland.
What is the punishment for laundering-related crimes?
Federal law allows for fines up to $500,000 and prison terms up to 20 years. There are other penalties in addition to these if money laundering is considered a benefit to a terrorist activity or organization. The government may claim all the proceeds of the illegal process. Maryland’s attorney general may also begin civil proceedings to reclaim illegal funds.
If someone is accused of a crime related to money laundering or other financial dealings, an attorney can help defend against these charges and resolve the matter.
Source: FindLaw, “Maryland Money Laundering Laws,” accessed June 01, 2018