706B.2 Money laundering penalty — civil remedies.
379 words·~2 min read·
/ia/chapter-706b-money-laundering/706b-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. It is unlawful for a person to commit money laundering by doing any of the following:
a. To knowingly transport, receive, or acquire property or to conduct a transaction involving property, knowing that the property involved is the proceeds of some form of unlawful activity, when, in fact, the property is the proceeds of specified unlawful activity.
b. To make property available to another, by transaction, transportation, or otherwise, knowing that it is intended to be used for the purpose of committing or furthering the commission of specified unlawful activity.
c. To conduct a transaction knowing that the property involved in the transaction is the proceeds of some form of unlawful activity with the intent to conceal or disguise the nature, location, source, ownership, or control of the property or the intent to avoid a transaction-reporting requirement under chapter 529, the Iowa financial transaction reporting Act, or federal law.
d. To knowingly engage in the business of conducting, directing, planning, organizing, initiating, financing, managing, supervising, or facilitating transactions involving property, knowing that the property involved in the transaction is the proceeds of some form of unlawful activity, that, in fact, is the proceeds of specified unlawful activity.
2. A person who violates:
a. Subsection 1, paragraph “a”, “b”, or “c”, commits a class “C” felony, and may be fined not more than ten thousand dollars or twice the value of the property involved, whichever is greater, or be imprisoned for not more than ten years, or both.
b. Subsection 1, paragraph “d”, commits a class “D” felony, and may be fined not more than seven thousand five hundred dollars or twice the value of the property involved, whichever is greater, or be imprisoned for not more than five years, or both.
3. A person who violates subsection 1, paragraph “a”, “b”, “c”, or “d”, is subject to a civil penalty of three times the value of the property involved in the transaction, in addition to any criminal sanction imposed.
4. A person who is found guilty of a violation under this section also may be charged with violations of chapter 706A, and property involved in a violation under this chapter is subject to forfeiture under chapter 809A.
96 Acts, ch 1133, §32; 98 Acts, ch 1074, §35, 36