New York Money Laundering Lawyer

Money laundering is the process of exchanging money obtained through illegal activities, “dirty money”, and making it appear as if it was obtained through legal activities, “clean money”.

Financial or banking transactions are hidden to hide money or evade detection for tax purposes or to conceal illegal activities.

A New York money laundering lawyer represents individuals or companies accused of engaging in money laundering activities. To combat such penalties, an individual should consult with an experienced criminal attorney as soon as possible.

Understanding the Charge

Money laundering charges result in long periods of incarceration for people convicted on these types of crimes. In addition to New York State, the FBI, IRS, and the Secret Service also investigate and prosecute people for money laundering crimes.

Any money obtained from an unlawful activity can trigger federal and state money laundering charges. In addition to banking and financial transactions, wire and mail fraud, can also be used to clean money.

Money laundering is a crime separate and apart from other crimes charged. For example, a drug possession charge can also include a money laundering charge. To further understand the charge, an individual should contact a New York City money laundering attorney immediately.

Types of Financial Transactions

The types of financial transactions commonly seen in money laundering schemes are deposits at banks (both foreign or domestic), wire transfers, payments, sales, purchases, loans, title transfers, or currency exchanges.

The institutions that receive the illegal money can be banks, brokers, credit unions, loan companies, or travel agencies, to name some.

Regulatory Mechanisms

Financial and banking institutions are required to monitor and report transactions to the taxing authorities or other governmental agencies when a suspicious activity is observed.  

  • Financial institutions, like a bank, are required to report transactions that are $10,000 or more
  • Foreign banks and financial institutions are also required to report accounts and transactions over the $10,000 to the appropriate taxing authorities

The financial institution’s reporting requirement is absolute. They too can run afoul of the law if they fail to report certain financial transactions.

Potential Penalties

Individuals convicted of money laundering charges can expect jail sentences of up to 20 years in prison and fines into the $500,000 range or double the fine, whichever is greater for federal convictions.

New York state convictions can lead to jail terms between 4 years and 25 years and fines up to twice the value of the monetary transactions. To help lessen such penalties, an individual must contact a bribery attorney in New York.

Proving the Charge

The only knowledge that a prosecutor must prove for a successful money laundering conviction is that the source of the dirty money was criminal activity. Criminal activity can involve:

  • Blackmail
  • Bribery
  • Drug trafficking or distribution
  • Extortion
  • Theft
Benefit of a Lawyer

Money Laundering is an economic crime that is monitored at the state, federal, and international levels. If you are accused of money laundering more often than not, a federal statute or international treaty, may have also been violated.

A New York money laundering lawyer helps people charged with money laundering crimes in New York. Any monies recovered during the investigation stage may be seized by the authorities and subject to forfeiture actions.

Understand which agency is investigating you and charging you for money laundering is an important first step in resolving a money laundering charge in New York. Contact a money laundering lawyer in New York today to obtain legal representation.

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