Money laundering
Money Laundering in NSW
Money laundering involves concealing the criminal origins of money and can be found in both state and federal legislations. Under Section 193B of the Crimes Act 1900 (NSW), it is an offence to deal with money or property that is known to be, or suspected of being, proceeds of crime.
What is Money Laundering?
- “Dealing with” money or property includes actions like receiving, possessing, concealing, disposing of, or moving it into or out of NSW.
- Proceeds of crime refers to money or property obtained unlawfully or through criminal activity.
What the Prosecution Must Prove
To convict someone of money laundering, the prosecution must prove:
- The accused dealt with the money or property.
- The property was proceeds of crime, or the accused was reckless as to its origin.
- The accused intended to use the property for a criminal purpose (in certain cases).
A jury can also deliver an alternative verdict if they believe the accused was reckless, rather than knowing, about the property being proceeds of crime.
Penalties for Money Laundering
The penalties for money laundering depend on the value of the property and the level of intent or recklessness involved:
1. Dealing with Proceeds of Crime
Knowingly dealing with proceeds of crime:
- Up to 15 years imprisonment.
Concealing proceeds of crime with intent:
- Up to 20 years imprisonment.
Reckless about proceeds of crime:
- Up to 10 years imprisonment.
2. Based on Property Value
- Maximum of 5 years imprisonment.
- Maximum of 3 years imprisonment.
3. Using Property for a Serious Offence
Intentionally using property to commit a serious offence:
- Up to 15 years imprisonment.
Reckless about its use for a serious offence:
- Up to 10 years imprisonment.
Penalties under Commonwealth Legislation
Criminal Code Act 1995 (Cth)
Serious offences:
- Up to 25 years imprisonment, a $333,000 fine, or both.
Minor offences:
- Up to 10 penalty units (approximately $2,200).
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
Major offences (e.g., false documents, avoiding financial reporting):
- Up to 10 years imprisonment, a $2,220,000 fine, or both.
Lesser offences (e.g., smaller reporting breaches):
- Up to 2 years imprisonment, a $26,540 fine, or both.
Defences to Money Laundering
Possible defences include:
- Lack of Knowledge: The accused was unaware the money was proceeds of crime.
- No Criminal Origin: The money or property was lawfully obtained.
- No Dealing: The accused did not possess, conceal, or dispose of the property.
- Duress: The accused acted under threat or coercion.
- Law Enforcement Activity: The accused was helping enforce the law through their actions.
Need Legal Advice for Money Laundering Charges?
Money laundering charges are complex and carry severe penalties. IMS Lawyers Australia can provide expert legal assistance to defend your case and protect your rights.
Contact IMS Lawyers Australia today for professional advice and representation.
