In order to conceal the proceeds from criminal activity such as drug dealing, people who are involved in the criminal activity have been known to take steps to change money received from the criminal conduct into money that appears to be gained through legitimate means. This activity is referred to as money laundering. If you are suspected of money laundering, the specific charge you could face will be heavily dependent upon the amount of money involved and the reasons behind the money laundering. You could face prosecution for money laundering in the third degree under New York Penal Law § 470.10 if you:
Earl runs an illegal gambling operation in the basement of an apparel shop he owns. To conceal the proceeds from the gambling, Earl falsifies the transactions for his apparel store so that it looks as though the gambling money was really from retail sales at the apparel store. Over a one month period, Earl earned $65,000 from the gambling activity which was equal to the $65,000 that he claimed to have raised in sales from his apparel shop for the same period. Earl could get prosecuted for money laundering as the apparel shop is simply a “front” to clean up the money he obtained from his illegal gambling operation into legitimate profits.
Offenses that are Related
Money laundering in the fourth degree: New York Penal Law § 470.05
Money laundering in the second degree: New York Penal Law § 470.15
Money laundering in the first degree: New York Penal Law § 470.20
Money laundering in support of terrorism in the fourth degree: New York Penal Code § 470.21
Money laundering in support of terrorism in the third degree: New York Penal Law § 470.22
Money laundering in support of terrorism in the second degree: New York Penal Law § 470.23
Money laundering in support of terrorism in the first degree: New York Penal Law § 470.24
In order for you to be successfully convicted of money laundering in the third degree, the prosecutor has to demonstrate that you had the intention of laundering money. If you can show the court that you were not aware that the money was derived from a criminal conduct, then you would not have possessed the requisite intent to launder money.
Money laundering in the third degree is categorized as a class D felony. If you are convicted of this offense, your sentence could include as much as 7 years in prison and a 5 years probation term. Additionally, New York Penal Law § 470.25 states that you would also be obligated to pay a fine of up to double the amount of money involved in the money laundering scheme.
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