Money laundering is defined differently by each state, but generally speaking, it refers to the act of moving funds obtained through illicit activities to appear as though they were obtained legitimately. Drug sales, terrorism-related activities, and organized crime are common criminal activities where money laundering might take place. Washington views money laundering as a serious felony, as do the majority of states.
It’s crucial to realize that in order to break Washington’s money laundering rules, a person must be aware that the asset they are transferring was acquired unlawfully. For instance, breaking Washington money laundering rules wouldn’t apply to someone who gets a gift without being aware that it was purchased with laundered funds.
The following fundamental concepts must be defined in order to comprehend Washington’s anti-money laundering regulations: A financial transaction is any sale, buy, gift, transfer, loan, trade, deposit, withdrawal, extension of credit, or other property acquisition or disposition. Performing a financial transaction involves starting, finishing, or taking part in one. A specific criminal offense is one that is punishable by more than one year in prison in another state or federal jurisdiction, is categorized as “criminal profiteering,” or is a Class A or B felony in Washington.
