Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity is a federal offense in the United States that involves the use of tainted money, or money that was obtained from the proceeds of criminal activity. This offense is sometimes referred to as money laundering, as money is often used to conceal the source of the funds and make it appear legitimate. It is also known as 18 U.S.C. § 1956 or the Money Laundering Control Act of 1986. The types of Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity include knowing monetary transactions in criminally derived property, structuring transactions to evade Currency Transaction Reports, and promoting money laundering. In order to be convicted, a person must have knowledge that the money used in the transaction was derived from criminal activity, and must have had the intent to conceal the source of the funds. Penalties for this offense can include fines and up to 20 years in prison.
Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity
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FAQ
§ 1957 arise when the defendant knowingly conducts a monetary transaction in criminally derived property in an amount greater than $10,000, which is in fact proceeds of a specified unlawful activity.
See §§ 1956(c)(7)(A), 1957(f)(3), and 1961(1)(B) ("Specified unlawful activity" is defined as any act or activity constituting an offense listed in section 1961(1), which includes both mail and wire fraud statutes.).
See §§ 1956(c)(7)(A), 1957(f)(3), and 1961(1)(B) ("Specified unlawful activity" is defined as any act or activity constituting an offense listed in section 1961(1), which includes both mail and wire fraud statutes.).
Money Laundering - Engaging in Monetary Transactions in Property Derived From Specified Unlawful Activity.
Jail time: A minimum sentence of 16 months and up to four years in jail. Fine: The fine is up to $250,000, or twice the amount of money laundered. For the purposes of calculating the fine, the court imposes the higher of the two amounts.
Specified unlawful activities include over 250 crimes in six categories: (1) most RICO predicate offenses; (2) certain offenses against foreign nations; (3) acts constituting a criminal enterprise under the Controlled Substances Act; (4) miscellaneous offenses against persons and property; (5) federal health care
§1956. Laundering of monetary instruments. (ii) to avoid a transaction reporting requirement under State or Federal law, shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both.