Virginia law prohibits knowingly conducting financial transactions involving property derived from felony activities, with severe penalties including imprisonment and fines. It also addresses the conversion of cash into negotiable instruments knowing they are proceeds of illegal activity, with escalating penalties for repeat offenses. Additionally, individuals or entities convicted of money laundering or sale of imitation controlled substances risk losing their business licenses or registrations.
Money laundering in Virginia involves knowingly conducting financial transactions with property derived from felony activities, or converting cash into negotiable instruments knowing they are proceeds of illegal activity.
Penalties include imprisonment for up to 40 years, fines up to $500,000, or both. Repeat offenses can result in more severe charges, such as a Class 6 felony.
Yes, if convicted of money laundering or related violations, your business license or registration can be forfeited under Virginia law.
Yes, doing so knowingly with proceeds from illegal activities is a Class 1 misdemeanor for first offenses and a Class 6 felony for subsequent violations.