N.Y. Penal Law 470.03 – Money laundering: aggregation of value; other matters
§ 470.03 Money laundering: aggregation of value; other matters.
Terms Used In N.Y. Penal Law 470.03
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. For purposes of subdivisions one and three of sections 470.05, 470.10, 470.15, 470.21, 470.22 and 470.23, and for purposes of subdivisions one and two of sections 470.20 and 470.24 of this article, financial transactions may be considered together and the value of the property involved may be aggregated, provided that the transactions are all part of a single "criminal transaction" as defined in subdivision two of § 40.10 of the criminal procedure law.
2. For purposes of subdivision two of sections 470.05, 470.10, 470.15, 470.21, 470.22 and 470.23 of this article, separate occasions involving the transport, transmittal or transfer of monetary instruments may be considered together and the value of the monetary instruments involved may be aggregated, provided that the occasions are all part of a single "criminal transaction" as defined in subdivision two of § 40.10 of the criminal procedure law.
3. Nothing in sections 470.05, 470.21, 470.22, 470.23 and 470.24; paragraph (b) of subdivision one, paragraph (b) of subdivision two and paragraph (b) of subdivision three of section 470.10; paragraph (b) of subdivision one, paragraph (b) of subdivision two and paragraph (b) of subdivision three of section 470.15; or paragraph (b) of subdivision one and paragraph (b) of subdivision two of section 470.20 of this article shall make it unlawful to return funds held in escrow:
(a) as a portion of a purchase price for real property pursuant to a contract of sale; or
(b) to satisfy the tax or other lawful obligations arising out of an administrative or judicial proceeding concerning the person who provided the escrow funds.