SB 368

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.