Money laundering is a serious crime with severe penalties. If you have been accused of money laundering, it’s in your best interest to consult our experienced Nassau County Criminal Defense Attorneys to help build your defense. Please continue reading to learn the potential penalties you can face for money laundering.
What is Money Laundering?
Money laundering is a series of financial transactions designed to conceal that money was made from illegitimate or criminal activity, such as drug dealing, aggravated identity theft, tax evasion, or credit card fraud. Through multiple banking transactions, the money’s source appears legitimate and is then returned to the owner as “clean money.” The following elements are required for a conviction:
- Knowledge that one or more monetary instruments represent the proceeds of criminal conduct.
- Conducts one or more financial transactions that involve the proceeds of any such felony with intent to promote criminal conduct or engage in felony conduct.
- Knowledge that the transaction is designed to conceal the nature, location, source, ownership, or control of the proceeds or avoid a transaction reporting requirement by law.
What Are the Potential Penalties?
Money laundering is a serious white-collar crime under New York State and Federal Law. It’s important to understand that all New York money laundering charges are classified as felonies, thus a conviction can subject you to a permanent criminal record. The degree of money laundering depends on the total value of the financial transactions. Consider the following:
- Third-degree: Money laundering in the third degree is considered a class D felony. Upon conviction, you may be subject to penalties including up to 7 years of imprisonment, 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 considered a class C felony. Upon conviction, you may be subject to penalties including up to 15 years of imprisonment, 5 years of probation, and fines of up to two times the amount of money involved in the crime.
- First-degree: Money laundering in the first degree is considered the most serious offense which is considered a class B felony. This crime is punishable by up to 25 years of imprisonment, 5 years of probation, and fines of up to two times the amount of money involved in the crime.
If you have been charged with money laundering, please don’t hesitate to enlist the help of a determined attorney from KCS Law. Our legal team is prepared to help defend your rights and interests. Connect with our firm today for legal guidance and skilled representation during this difficult time.
