Money laundering is a serious white-collar crime that carries harsh penalties. If you have been arrested or charged in connection with money laundering in Texas, it’s in your best interest to consult an experienced Dallas County Criminal Lawyer who can help build your defense. Please continue reading as we explore the potential penalties you can face upon conviction for money laundering in Texas. 

What is Money Laundering?

Money laundering is the illegal process of disguising the origin of money obtained through criminal activities. Essentially, it makes it appear as if the funds came from a legitimate source, often by moving large sums through various financial systems to conceal their illicit origins. For instance, some people may use shell companies, buy high-value items with cash to then resell, or make numerous small cash deposits to avoid suspicion to “clean” the money and use it freely. This crime is most often associated with drug trafficking, illegal gambling, embezzlement, and terrorism. The following elements are required for a conviction:

  • Promote the carrying on of criminal conduct or engage in conduct constituting a felony.
  • Knowing that the transition in whole or in part is designed to cancel the nature, location, source, ownership, or control of the proceeds of criminal conduct, or avoid any transaction reporting requirement.

What Are the Potential Penalties?

Money laundering is a serious offense under both state and federal law. It’s important to note that all Texas money laundering charges are classified as felonies, thus a conviction will subject you to a permanent criminal record. The severity of the penalties you can face depends on the amount of money involved and the methods used to conceal funds. Consider the following:

  • For transactions between $2,500 and $30,000: This is a felony offense that is punishable by up to two years in state jail and a fine of up to $10,000.
  • For transactions between $30,000 and $150,000: This is a third-degree felony which is punishable by two to ten years in prison and a fine of up to $10,000.
  • For transactions between $150,000 and $300,000: This is a second-degree felony which is punishable by up to twenty years in prison and a fine of up to $10,000.
  • For transactions of $300,000 or more: This is a first-degree felony that is punishable by five to ninety-nine years in prison and a fine of up to $10,000.

It should be noted that if this crime involved more than one state or international transfer, you could be prosecuted by the federal government. Under federal law, you can face prison time, fines, and asset forfeiture. Furthermore, they can impose a civil penalty of up to $10,000 or the value of the funds involved in the transaction.

As you can see, a conviction for money laundering can have far-reaching consequences. At Spangler Law, we are prepared to fight for your rights, every step of the way. Connect with our firm today for skilled representation.