new york penal law 470 15 money laundering in the second degree

Money laundering accusations can have severe criminal penalties in New York. Being charged under NY Penal Law 470.15 for money laundering in the second degree is a Class C felony. Let’s break down this statute, potential sentences, and legal defenses.

What is Money Laundering in the Second Degree?

Under NY Penal Law Article 470, a person commits money laundering in the second degree when they conduct financial transactions knowing the money involved represents the proceeds of criminal activity, and:

• The value exceeds $50,000
• The transactions were part of a scheme to generate over $50,000 from criminal activity

For example, someone who knows money was obtained illegally through drug trafficking and then deposits it in a bank account could face second degree money laundering charges if over $50,000 is involved.

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Legal Scenario: What Would You Do?

Scenario

You transferred funds internationally for a business deal that a federal agency now claims was part of a money laundering scheme.

Can you be charged even if you had no knowledge of illegal activity?

Attorney's Answer

Wire fraud and money laundering charges require proof of intent to defraud. However, prosecutors may argue "willful blindness" if red flags were present. Demonstrating legitimate business purpose and due diligence is essential to your defense.

This is general information only. Contact us for advice specific to your situation.

Penalties for Money Laundering in the Second Degree

Since money laundering in the second degree is a Class C felony, potential sentences if convicted include:

• 5 to 15 years in state prison
• Up to $15,000 in fines
• Asset forfeiture
• 5 years post-release supervision