Bill > SB1208

This bill expands the definition of money laundering to include transactions involving digital financial assets, which are defined as assets that can be transferred, stored, or exchanged electronically and are used as a medium of exchange or for investment purposes. Previously, money laundering laws primarily focused on transactions involving traditional monetary instruments like cash or checks conducted through financial institutions. The bill clarifies that engaging in a transaction or a series of transactions totaling over $5,000 within seven days, or over $25,000 within 30 days, using digital financial assets with the intent to promote or facilitate criminal activity, or knowing that the assets represent proceeds of criminal activity, is now a crime. This expansion of a criminal offense means that local governments may incur costs related to enforcing these new provisions, but the bill states that no state reimbursement is required for these costs as it falls under specific exceptions related to changes in criminal law.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1208