New York Penal Law 470.20: Money laundering in the first degree
NEW YORK PENAL LAW 470.20: MONEY LAUNDERING IN THE FIRST DEGREE
Money laundering in the first degree is a very serious offense that can lead to long prison sentences, massive financial penalties, and a permanent mark on your record. If you are reading this, it’s likely because you or someone you care about is facing charges, or perhaps you want to understand the law better. At Spodek Law Group – a premier, and award winning, nationwide federal defense law firm – we’re here to explain what you need to know.
WHAT IS MONEY LAUNDERING IN THE FIRST DEGREE?
Money laundering in the first degree is a crime that was defined by New York Penal Law 470.20. For the official text of this law so you can understand exactly every word of it, please see the New York State Senate website. In very basic terminology, this offense involves taking money that was earned or collected through illegal activities. And then moving it through banks, businesses, or other transactions so it looks real. Because this offense is the highest degree of money laundering in New York, a conviction comes with strict punishments.
If you fail to take these charges seriously, you are taking the risk of spending years in prison. That penalty doesn’t just affect your freedom—it can also destroy your finances, your family’s future, and your reputation in the world. We won’t sugarcoat it: money laundering is not something the courts take lightly. In addition, prosecutors in New York have virtually unlimited resources to investigate and prove these crimes committed. They will dig deep into the evidence, and the situation at hand. If you expect to walk away without solid legal representation, that’s wishful thinking, and you will regret it. We are here to educate you, so you can get a firm understanding on what’s going on.
WHY DOES NEW YORK COME DOWN SO HARD ON MONEY LAUNDERING?
In New York, authorities view money laundering as a threat. They believe dirty money that was mixed with clean funds can cause harm. It can support organized crime, terrorist groups, and other illegal rings. Because these cases involve large amounts of money, the government tends to prosecute them aggressively. If a defendant is convicted, the system often doles out harsh punishments in order to send a clear message: criminal organizations that try to hide the source of their illegal income will face severe consequences.
Those consequences can include long prison terms and huge financial penalties. When prison time and fines add up, it can wipe out everything you’ve worked for, and it can leave your family in chaos. If that isn’t enough of a wake-up call, keep reading, because it gets more complicated.
DEFINITION AND KEY ELEMENTS UNDER 470.20
New York Penal Law 470.20 focuses on large-scale money laundering. One example of money laundering involves transactions that exceed a certain financial threshold. Another example involves having the intention to commit, or knowing you are committing, a plan to hide the illegal source of funds.
Here’s what that means in relaity:
- Illegal Proceeds – Funds that were earned through crimes such as drug trafficking, fraud, or other felony offenses.
- Knowledge and Intent – The person charged must have known these funds were not legit. If someone claims ignorance, the prosecutor will try to prove otherwise using bank records, emails, phone calls, or other evidence.
- Financial Activity – The individual likely attempted to move the money through a series of transactions, often mixing it with legitimate funds, to mask the illegal source.
When prosecutors prove all these elements of a financial money laundering crime, a conviction for money laundering in the first degree can happen. That consequence might mean you lose your licenses, face asset forfeiture, and even see your family’s property seized. Imagine having your bank accounts frozen, your assets taken, and your personal freedom on the line. That’s what’s at stake.
THE PENALTIES: WHAT YOU NEED TO KNOW
A person who was found guilty of money laundering in the first degree in New York can face a Class B felony conviction. In most cases, that means a possible prison sentence of up to 25 years in jail time. Fines can be massive and overwhelming. The judge can order financial penalties that match twice the amount of money you are accused of laundering, or more. These penalties are not random. They are deliberately setup to punish offenders and deter others.
Time behind bars is not the only issue you face. A criminal record will likely haunt you forever. Losing career opportunities is a typical outcome. Struggling to get credit or even rent an apartment can become your new reality. That’s the truth about money laundering. If convicted, you’re dealing with repercussions that will follow you for the rest of your life.
HOW WE STRATEGIZE YOUR DEFENSE
As an experienced nationwide defense law firm, Spodek Law Group takes these charges seriously. We have a simple attitude: if there’s a way to win your case, we will find it. We’re not here to make excuses, and we expect you not to hide any facts from us. The best defense strategy is built on honesty.
Below are some defenses:
- Lack of Intent: We look for ways to show you did not know the money was illegal. Evidence that was gathered by the prosecution can be challenged if it fails to prove your intent and knowledge wrongdoing. If the government cannot establish that you knowingly laundered money, the charges can be dropped or reduced. This can mean avoiding a lengthy prison sentence, and it can mean preserving your future career options.
- Entrapment or Coercion: Sometimes law enforcement agents inevitably will cross the line. If an undercover officer or informant pushed you into doing the crime, we can argue you were influenced under pressure. When a court believes you never intended to commit the crime on your own, the entire case can fall apart because there is no evidence. That can leave the prosecutor with no choice but to reduce or drop the charges.
- Illegal Search and Seizure: We check how the police or investigators obtained evidence. If they violated your rights, the court can throw out that evidence. When evidence that was crucial gets tossed, the government’s case may collapse. In many cases, losing vital proof forces the prosecutor to settle for a lesser charge or dismiss the matter.
Our team is not afraid of doing a investigation. We look through financial records, bank statements, and communications. We also have access to financial and forensic experts. Our goal is simple: prove to the court that the prosecution’s story isn’t as airtight as they claim. If there are holes in the evidence, we will find them. If we believe taking your case to trial is the best move, we’ll do that. If we believe negotiating a plea deal is smarter, we’ll tell you so. No smoke. No mirrors.
WHY CHOOSE SPODEK LAW GROUP?
Spodek Law Group is recognized for having over 50 years of combined experience handling serious cases nationwide. Our managing partner, Todd Spodek, has been featured on major outlets like the New York Post, Newsweek, Fox 5, and more. His expertise has attracted national attention, and our criminal defense law firm has earned a reputation for fighting uphill battles.
We have offices throughout Long Island and NYC, and we handle federal and state charges across the USA. That means we have contacts, resources, and knowledge that allow us to deal with situations nationwide. If you’re dealing with money laundering accusations, our mission is to protect you. But we expect full cooperation from you. We won’t accept excuses, and we’ll call you out if we see you’re not taking things seriously. That tough approach is necessary. When you’re dealing with charges that can land you in prison for decades, there’s no time to waste.
THINKING AHEAD: THE STRATEGIC MINDSET
If you’re under investigation or already charged with money laundering in the first degree, you need to think bigger and bolder. Hoping the problem goes away on its own is not smart. That leads to panic, rushed decisions, and a higher chance of conviction. Instead, you should contact experienced attorneys right away. In addition, you need to gather all relevant documents, including bank records, business filings, emails, or text messages that were tied to your finances. The earlier you share details with us, the stronger your defense will be.
MORE INFORMATION AND RESOURCES
For more information on how federal agencies investigate and prosecute money laundering, consider reviewing resources from the Financial Crimes Enforcement Network (FinCEN) or the U.S. Department of the Treasury. These sites explain how law enforcement tracks illegal money. By understanding their methods, you gain insight into potential weak spots in their case. Spodek Law Group uses that knowledge to build a strategic defense on your behalf.
FAQ QUICK-REFERENCE
| Question | Answer |
|---|---|
| How long is a prison sentence for money laundering in the first degree? | Up to 25 years. Penalties also include huge fines. |
| Can the charges be dismissed? | Yes. If key evidence that was used to build the prosecution’s case is proven illegal or you lacked intent, charges can be dropped. |
| Is there a plea bargain option? | In many cases, yes. We can negotiate a reduced charge or less prison time if the facts support a plea deal. |
| What if I’m under investigation but not charged yet? | Contact us immediately. Early intervention can stop a case from moving forward or can weaken the prosecutor’s advantage. |
YOUR NEXT STEP: CONTACT SPODEK LAW GROUP
At Spodek Law Group, we’re available 24/7 to hear your story. If you, a loved one, is facing money laundering charges, you need a top tier criminal defense attorney who understands how to fight and win. Reach out for a risk free consultation. Call us or fill out our online form, and we’ll get back to you quickly.