FOLLOW US :
212-300-5196

White Glove Service. Excellent Results. Strong Reputation.

Read Our Reviews

NY Penal Law § 470.15: Money Laundering in the Second Degree

July 2, 2020 Federal Criminal Attorneys

For the purpose of concealing proceeds from criminal activity such as drug dealing, gambling, fraud or theft, people who are involved in such criminal activity frequently take steps to make it look as though the money was obtained through legal transactions. This is known as money laundering. Money laundering is commonly employed not only by those involved in drug trafficking, illegal gambling, and prostitution, but some elected officials have even been known to be involved in money laundering in an effort to conceal the real source of campaign financies. There are eight different crimes that cover money laundering in the New York penal code. Money laundering in the first degree is one of the two most egregious money laundering offenses in the New York criminal code.  You could be prosecuted under New York Penal Law § 470.20 for money laundering in the first degree if you:

  • Are aware that a financial transaction represents the proceeds of criminal conduct and you:
    • Carry out at least one financial transaction with intent to carry on the criminal activity or with intent to violate federal tax legislation,
    • Carry out at least one financial transaction with the awareness that it was designed to hide the nature, location or control of the criminal activity
    • Carry out at least one financial transaction that is designed to avoid necessary transaction reporting and the amount of the transaction or transactions is greater than $50,000
  • Are aware that at least one money instrument represents the proceeds of criminal conduct and you transport the money instrument with intent to:
    • Promote carrying on the criminal activity
    • Conceal the nature, location or control of the criminal activity
    • Avoid transaction reporting and the amount of the money instrument or instruments is greater than $100,000 combined.
  • Perform at least one financial transaction that:
    • Involves property that is the proceeds of criminal activity or property that was used to carry out or facilitate criminal activity with intent to promote that activity,
    • Conceal the nature, location or control of the activity or 
    • Avoid transaction reporting and the transaction or transactions is greater than $100,000.

An Example

Eugenia operates a prostitution ring, that brings in thousands of dollars every week. In order to evade raising suspicion about how she actually earns her money, Eugenia established a wholesale operation and a group of supplier companies. Eugenia set up phony transactions totalling more than $100,000 a month between the phony wholesale company and supplier companies. It looked as though she had a thriving enterprise that allowed her to live a comfortable lifestyle. Since in reality, Eugenia was earning her living through promoting prostitution and “cleaning” up the funds through her other front businesses, Eugenia might face second degree money laundering charges.

Offenses that are Related

Money laundering in the fourth degree: New York Penal Law § 470.05

Money laundering in the third degree: New York Penal Law § 470.10

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

Possible Defenses

For you to be convicted of money laundering in the second degree, the prosecutor needs to demonstrate that you had the intent to launder the funds. If, for example, someone “duped” you into being involved in the laundering of funds in such a way that you were unaware that the money involved was the proceeds of criminal conduct, then the prosecutor would have a tough time convicting you of money laundering.

The Sentence

Money laundering in the second degree is categorized as a class C felony. If you are convicted of this crime your sentence may include up to 15 years in prison and 5 years of probation. In addition, 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.

 

FREE CONSULTATION

Testimonials

Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.

~ David Bruce

Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.

~ Rowlin Garcia

Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.

~ Francis Anim

Spodek Law Group

White Glove Service

We provide superior service, excellent results, at a level superior to other criminal defense law firms. Regardless of where your case is, nationwide, we can help you.

Get In Touch

Schedule Your Consultation

Los Angeles

555 W 5th St 35th floor, Los Angeles, CA 90013

212-300-5196



get directions

Queens

35-37 36th St, 2nd Floor Astoria, NY 11106

212-300-5196



get directions

NYC

85 Broad St 30th Floor, New York, NY 10004

212-300-5196



get directions

Brooklyn

195 Montague St., 14th Floor, Brooklyn, NY 11201

212-300-5196



get directions

Call Us