Money laundering and self-laundering: meaning and penalties (Alex self laundering in not a word used in English money laundering covers it)
Our international criminal law firm, ILA, specialises in the defence of persons affected by allegations of money laundering of money, property and other assets.
In the following we will discuss money laundering, self laundering and everything related to the penalties involved.
The definition of money laundering: what is it?
A person is charged with the offence of money laundering (pursuant to Article 648 bis of the Penal Code) if he replaces or transfers money, goods or other utilities originating from a non-culpable offence and carries out transactions that obstruct the identification of the criminal origin of the same goods.
Penalties for money laundering
The penalty is imprisonment from four to twelve years and a fine ranging from EUR 5,000 to EUR 25,000.
The penalty is increased when the offence is committed in the exercise of a professional activity.
The penalty is reduced if the money, goods or other benefits originate from a crime for which the penalty is imprisonment of less than five years.
Meaning of self-laundering: rules on the subject
For the offence of selflaundering (pursuant to Article 648b 1), a penalty of imprisonment from two to eight years and a fine ranging from EUR 5,000 to EUR 25,000 shall be imposed on anyone who, having committed or conspired to commit a non-culpable offence, uses, substitutes, transfers, in economic, financial, entrepreneurial or speculative activities, the money, goods or other utilities resulting from the commission of such offence, in such a way as to concretely hinder the identification of their criminal origin.
Application of penalties for self-laundering
The punishment of imprisonment from one to four years and a fine ranging from EUR 2,500 to EUR 12,500 shall apply if the money, goods, or other benefits originate from the commission of a non-culpable offence punishable with a maximum imprisonment of less than five years.
In any case, the penalties provided for in the first paragraph shall apply if the money, goods or other benefits originate from a crime committed under the conditions or for the purposes set forth in Article 7 of Decree-Law No. 152 of 13 May 1991, converted, with amendments, by Law No. 203 of 12 July 1991, and subsequent amendments.
Outside the cases referred to in the preceding paragraphs, conduct whereby the money, goods or other utilities are intended merely for personal use or enjoyment shall not be punishable.
The penalty shall be increased when the acts are committed in the exercise of a banking or financial activity or other professional activity.
The penalty shall be reduced by up to one half for those who have effectively taken steps to prevent the conduct from being carried out to further consequences or to ensure the evidence of the offence and the identification of the goods, money and other utilities deriving from the offence.