Those who have been accused of money laundering have a lot at stake. If they are found guilty of the federally prosecuted crime, they will face severe consequences, including probable jail time. This is why it is paramount that those accused take immediate action to build a compelling defense.
In New York, money laundering is defined as knowingly conducting financial transactions involving money that has been involved in criminal conduct. This can occur in many different ways. Both funds that are used to promote criminal conduct or funds that are processed with intent to disguise the nature of the transaction can be considered as money laundered funds in New York.
Penalties for money laundering
If you are found guilty of money laundering in New York, the penalties you face will depend on the value of the money that you are found guilty of laundering. Engaging in the laundering of any amount of money over $5,000 will result in a felony, which means that jail time is highly likely.
If you are found to have laundered between $5,000 and $50,000, you will be charged with a Class E felony, which means that you could spend up to four years in prison. If you were involved in money laundering of assets between $50,000 and $100,000, you will be charged with a Class D felony and will face up to seven years in prison. You’ll be charged with a Class C felony and up to 15 years in prison if you laundered between $100,000 and $1 million. If you money laundered more than $1 million, you will spend up to 25 years in prison.
Possible money laundering defenses
One of the most common defenses to money laundering is arguing that you were not aware that the funds in question were involved in criminal activity. This is a common scenario, and many innocent people are wrongfully accused of money laundering due to this. If you were involved in the transaction of funds gained from criminal activity but were not aware that they had a criminal source, you cannot be guilty of money laundering.
Money laundering is an extremely serious crime and, therefore, action should be taken to aggressively defend yourself.