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What is Money Laundering in New Jersey?

By Lependorf & Silverstein

In New Jersey, money laundering is a crime of falsifying the origins of illegal funds so that they appear legitimate. The term ?laundering? is used to describe the process of making ?dirty? money clean so as not to arouse suspicion when the money is spent. Being accused of money laundering in New Jersey is serious and can carry very heavy penalties if convicted, including a fine of $500,000 or two times the value of the property involved in the transaction. Additionally, a sentence of up to 20 years in prison may also be imposed. Since the 9/11 terrorist attacks in 2001, the prevention of money laundering has become a top priority for the government of the United States. Statutes such as the Bank Secrecy Act, the Money Laundering Control Act, and the Patriot Act have all been imposed and play a part in determining whether or not a person is guilty of money laundering...continue to full post

Full post as published by New Jersey Criminal Defense Blog on December 03, 2010 (boomark / email).