18.2-246.3 - Money laundering; penalties. - Virginia Statutes

§ 18.2-246.3. Money laundering; penalties.

A. It shall be unlawful for any person knowingly to conduct a financialtransaction where the person knows the property involved in the transactionrepresents the proceeds of an activity which is punishable as a felony underthe laws of the Commonwealth, another state or territory of the UnitedStates, the District of Columbia, or the United States. A violation of thissection is punishable by imprisonment of not more than forty years or a fineof not more than $500,000 or by both imprisonment and a fine.

B. Any person who, for compensation, converts cash into negotiableinstruments or electronic funds for another, knowing the cash is the proceedsof some form of activity which is punishable as a felony under the laws ofthe Commonwealth, another state or territory of the United States, theDistrict of Columbia, or the United States, shall be guilty of a Class 1misdemeanor. Any second or subsequent violation of this subsection shall bepunishable as a Class 6 felony.

(1999, c. 348.)