From the screenshots I captured, the binoculars seem to be sticking out of the NLAW as well at the end.
Video can be seen at: http://www.youtube.com/watch?v=ObwOXIkekJg
Screenshots with binoculars clipping: http://imgur.com/a/PQrAw
Screenshot 1 shows default crouched with NLAW ( no binoculars ).
Screenshot 2 shows sliding character with protruding binoculars when equipped.