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Can you summarize 35 SCCL Chapter 11?
Securities > SOUTH CAROLINA ANTI-MONEY LAUNDERING ACT
Short Summary
The South Carolina Anti-Money Laundering Act governs financial transactions involving the proceeds of unlawful activity. It applies to any person who conducts or attempts to conduct such a financial transaction with the intent to promote unlawful activity or to conceal the nature, location, sources, ownership, or control of the proceeds. The penalties for violation of this section vary based on the value of the transactions, ranging from Class F felony to Class C felony. In addition to penalties, fines may be imposed, with the amount depending on the value of the financial transactions. For subsequent violations, higher fines may be imposed. There are no exemptions mentioned in this section.
Whom does it apply to?
The South Carolina Anti-Money Laundering Act applies to any person who conducts or attempts to conduct financial transactions with the intent to promote unlawful activity or to conceal the nature, location, sources, ownership, or control of the proceeds.
What does it govern?
The South Carolina Anti-Money Laundering Act governs financial transactions involving the proceeds of unlawful activity.
What are exemptions?
The South Carolina Anti-Money Laundering Act does not mention any specific exemptions.
What are the Penalties?
The penalties for violation of the South Carolina Anti-Money Laundering Act vary based on the value of the transactions, ranging from Class F felony to Class C felony. In addition to penalties, fines may be imposed, with the amount depending on the value of the financial transactions. For subsequent violations, higher fines may be imposed.
Jurisdiction
South Carolina