Illegal Transmission of Monetary Funds
Transferring monetary funds is an essential part of managing your finances. But you need to be careful when transmitting or receiving funds. Very careful.
From 2010 to 2012, 60 million dollars in stolen and transferred assets were recovered in the United States, and 112 million dollars worth of transferred assets were frozen.
The state of Louisiana takes the illegal transmission of funds very seriously. They have passed statutes criminalizing illegal transmissions. Offenders can receive lengthy prison sentences and large fines.
If you are a businessperson who transfers money on a regular basis, you need to know the laws. Here is a quick guide.
Louisiana Statutes for Monetary Funds
Title 14, Section 70, Subsection 8 of the Louisiana Revised Statutes describes the crime of illegal transmission of monetary funds. It states that anyone with the intent to defraud who transmits or receives stolen or fraudulent funds can go to jail. Soliciting or causing a transmission that another person commits are also crimes.
A person can receive up to ten years in prison and a fine of up to 100,000 dollars. A person must also make full restitution to the victim. If the offender cannot make restitution, the state will offer a payment plan.
Transmissions can occur through radio signals or wires. Radio signals include text, email, and wireless transmissions from cell phones and computers. Wire transmissions involve any electronic device that accesses the Internet.
The Sale of Checks and Money Transmission Act also relates to the criminalization of illegal transmissions. No business can engage in money transmission without a license. Applicants must submit a business plan and maintain a net worth of 100,000 dollars to receive a license.
Prosecutors usually charge illegal transmission of funds alongside other offenses. You can receive penalties for both. A jury may acquit you on one offense, but they convict you on another.
Theft is a very common related offense. The severity of theft charges is based on how much money was stolen. Theft of 10,000 dollars can result in five years of imprisonment.
One common related offense is money laundering. Money laundering processes money from illicit actions to make the money seem legitimate. Laundering of 10,000 dollars can result in ten years of imprisonment.
Illegal transmission can occur from receiving the money. It can occur by transferring the money to a bank.
Louisiana prosecutes fraud in a few different ways. Government benefits fraud carries a potential prison sentence of five years. Counterfeiting carries a mandatory sentence of six months in prison.
How to Stay out of Trouble
If you operate a business that requires regular transfers of funds, get a license. Make sure everyone you operate with has one as well. Renew your license well in advance.
Transfer money with people you know and trust. Talk to your clients about where their money is coming from. If you are uncertain about the origins of the funds, do not accept or transmit them.
You can perform person-to-person transfers through tools like PayPal. But bank-to-bank transfers offer better security and oversight. Perform person-to-person transfers when you need to send a small amount of money to a friend or family member.
Allow your accountant to accept funds, but provide some oversight. Never allow one of your employees to transmit money without running it by you or your CFO.
Keep your financial paperwork on hand. Take notes of the funds you receive and where they come from.
If one of your employees commits an illegal transfer, report them to the police. You may become implicated if you don’t. Describe the nature of their offense and provide any other relevant information.
What to Do After an Arrest
You can get arrested for illegal transferring of monetary funds at any moment. If you do, invoke your right to remain silent. Mention that you are remaining silent and that you would like a lawyer right away.
Try to find a lawyer from your area. If you live in Ascension, find a lawyer in Ascension.
Do not talk to the police whatsoever. They can use the most innocuous comments against you in court.
Attorney-client confidentiality binds your attorney. You can mention anything to them that helps build your case. Hand over all documents and information you may have.
Your lawyers may know the law better than you. But you have a say in how you plea and what you argue in court.
Remain in contact with your lawyers throughout your case. Tell them about your thoughts on your upcoming trial.
You have several defenses against an illegal transferring charge. The prosecutor must prove that you had an “intent to defraud.”
If you accidentally made an illegal transfer, you did not have the intent. If you accepted money that you didn’t know was stolen, a jury may not think that you intended to defraud.
Fear is a less-common but important defense. Transfers can occur because one person threatens another person. If someone coerced you into a transfer, a jury will struggle to find you guilty.
Get Help on Monetary Funds Laws
Laws against the illegal transfer of monetary funds send fraudsters to jail. But they can harm you, too. Get the facts to keep yourself safe.
Anyone who intends to defraud and transfers illegal funds can receive up to ten years in prison. Most cases involve several other charges, including theft and fraud.
Stay out of trouble by managing your transfers carefully. Work with banks when you transfer large amounts of cash. If you get arrested, do not speak to the police.
Contact a lawyer right away and start working on your defense. Carl Barkemeyer is one of Louisiana’s leading criminal defense attorneys. Contact us today or call us.