Bill > H1332

This bill establishes the crime of money laundering, defining it as a financial institution or nonfinancial business failing to file required reports for transactions involving monetary instruments, which include U.S. currency, foreign currency, traveler's checks, and certain checks or money orders. The bill also makes it illegal to intentionally cause or assist in causing a financial institution to fail to file these reports, or to file them with false information, or to structure transactions to evade reporting requirements. Penalties for money laundering include fines up to $250,000 and imprisonment for up to five years. Furthermore, this bill mandates the automatic revocation of certain licenses issued by the Division of Banks to any licensee convicted of violating these new money laundering provisions, aiming to prevent individuals convicted of financial crimes from continuing to operate under state-issued licenses.