What Are the Penalties for Money Laundering in NY?

Third-degree: Money laundering in the third degree is a class D felony. Upon being convicted you may receive penalties including 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: Money laundering in the second degree is a class C felony, meaning that a conviction can result in up to 15 years in prison, 5 years of probation, fines of up to two times the amount of money involved in the crime, and additional penalties.
First-degree: Money laundering in the first degree is the most serious money laundering offense in New York. It is a class B felony and is punishable by up to 25 years in prison, 5 years of probation, fines of up to two times the amount of money involved in the crime, and additional penalties.

Money laundering is a serious offense and the penalties associated with the crime are often severe. If you are facing charges for a white-collar crime, contact an Orangetown, NY criminal defense attorney to obtain skilled representation and legal advice today.

What is Money Laundering?

Money laundering is a serious white-collar crime in New York. Its definition varies slightly depending on the level of offense, but in general, New York law defines money laundering as the following actions.

A person, knowing that the property involved in one or more financial transactions represents the proceeds of the criminal sale of a controlled substance or the proceeds of a class A, B, or C felony, or of a crime in any other jurisdiction that is or would be a class A, B, or C felony under the laws of this state:

Conducts one or more financial transactions which involve the proceeds of any such felony with intent to promote criminal conduct or engage in felony conduct
Knowing that the transaction is designed to conceal the nature, location, source, ownership, or control of the proceeds or avoid a transaction reporting requirement

Put simply, money laundering is the “cleaning” of so-called “dirty” money. When criminal activity results in profits, for example, selling illegal drugs, the money can be used to trace the crime back to the individual who has control over the funds. When someone engages in money laundering they are conducting financial transactions through banks or other institutions, often through offshore accounts, in an attempt to disguise the activity that produced the funds. Through this process, money or financial assets can appear to have come from a legitimate and legal source.