Money laundering is a serious crime that carries harsh penalties upon conviction. If you are accused of money laundering, it’s in your best interest to contact a seasoned Rockland County Criminal Defense Attorney who can help build your defense. Please continue reading as we explore the potential penalties you can face for money laundering in New York.
What is Money Laundering?
Money laundering is defined as a financial transaction or multiple transactions made with proceeds gained through criminal activities. Essentially, a person or organization may engage in money laundering to hide the source, control, location, or ownership of money and other proceeds that were acquired through criminal conduct. After it has been laundered, income will appear to be from a legitimate source and will be reported for tax purposes. In other words, it’s the “cleaning” of “dirty money.”
An individual is guilty of money laundering when they know that the property involved in one or more financial transactions represents the proceeds of criminal conduct, they conduct or more such financial transactions when in fact involve the proceeds of specific criminal conduct with the intent to:
- Promote the carrying on of criminal conduct or engage in conduct constituting a felony
- Knowing that such transportation, transmission, or transfer is designed in whole or in party to concern the nature of the funds, or to avoid any transaction reporting requirements by law
What Are the Potential Penalties?
Money laundering is a serious white-collar crime under both New York State and Federal law. The severity of the penalties you will face depends on the amount of money involved, the nature of the crime, and the methods used to conceal the funds. Consider the following:
- Fourth-degree (more than $5,000): Money laundering in the fourth degree is considered a class E felony, which is punishable by up to four years in prison, probation, and fines of up to two times the amount of money involved in the crime.
- Third-degree (more than $50,00o): Money laundering in the third degree is considered a class D felony, which is punishable by up to 7 years in prison, 5 years of probation, and fines of up to two times the amount of money involved in the crime.
- Second degree (more than $100,000): Money laundering in the second degree is considered a class C felony, which is punishable by up to 15 years in prison, 5 years of probation, and fines of up to two times the amount of money involved in the crime.
- First-degree (more than $1 million): Money laundering in the first degree is the most serious offense. It’s classified as a class B felony, which is punishable by up to 25 years in prison, 5 years of probation, and fines of up to two times the amount of money involved in the crime.
As you can see, money laundering is a serious charge. At The Law Office of Carl Spector, we are prepared to safeguard your rights and interests. Connect with our firm today for skilled representation.
