Money laundering and providing a penalty

What it does

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

Under current law, there is no state criminal prohibition for actions that constitute money laundering. Under this bill, it is a crime to engage in, supervise, or facilitate a transaction with illegally obtained property or items of value; to make property or items of value available to another with the intent to perpetuate illegal activity; or to engage in a transaction that is designed to conceal or disguise the nature, location, source, ownership, or control of the resources or to avoid a financial transaction reporting requirement under federal law. The penalty level depends on the monetary value involved in the money laundering scheme and ranges from a Class A misdemeanor for transactions of $2,500 or under to a Class F felony for transactions over $100,000. Under the bill, a financial institution that has complied with all federal money laundering reporting requirements is not criminally liable.

Because this bill creates a new crime or revises a penalty for an existing crime, the Joint Review Committee on Criminal Penalties may be requested to prepare a report.

Who's behind it

6 senators are its authors⁠. All 6 are Republicans.

22 more lawmakers signed on in support⁠.