HB 43: Anti-money laundering.

This act creates the criminal offenses of money laundering and illegal investment as follows:The offense of money laundering includes transporting, possessing, directing, organizing, financing, planning, managing, supervising or engaging in transactions involving property that a person knows or reasonably should know is derived from criminal activity, including transactions conducted to promote criminal activity, conceal the source or ownership of criminal proceeds or avoid state or federal reporting requirements.The offense of illegal investment includes intentionally causing a financial or business institution to fail to file a required report or structuring transactions with one (1) or more institutions to evade state or federal currency transaction reporting requirements. This act specifies felony penalties for money laundering and illegal investment including imprisonment for not more than ten (10) years, a fine of not more than ten thousand dollars ($10,000.00), or both. This act provides that the offense of money laundering does not apply to federally insured financial institutions or their employees under certain circumstances.