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2003 SESSION

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HB 1928 Crimes; money laundering.

Introduced by: Samuel A. Nixon, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Crimes; money laundering. Requires a financial institution or credit card issuer to disclose bank records or credit card information concerning a customer upon the issuance of a subpoena duces tecum. Provision is made for the financial institution or credit card issuer to move to quash or modify the subpoena duces tecum if compliance would cause an undue burden and for holding harmless the financial institution or credit card issuer or its employees for releasing such information or records pursuant to an order. The statement of facts documenting the reasons the records or information are sought will be sealed upon issuance of the subpoena duces tecum, and the use of such records or information is limited to the investigation and legitimate law-enforcement purposes. At the end of the investigation the records or information will be sealed. A provision is added allowing seizure of certain property used in money laundering and punishable as a felony under the laws of another state or territory of the United States, the District of Columbia, or the United States. This bill is identical to SB 1135.

SUMMARY AS PASSED HOUSE:

Crimes; money laundering. Requires a financial institution or credit card issuer to disclose bank records or credit card information concerning a customer pursuant to a subpoena duces tecum. The financial institution or credit card issuer may move to quash or modify the subpoena duces tecum if compliance would cause an undue burden, and shall be held harmless for releasing such information or records pursuant to an order. The court shall issue the subpoena duces tecum only if the court finds probable cause to believe that a crime has been committed, and to believe that the records or other information sought are relevant to a legitimate law-enforcement inquiry into the offense. The statement of facts documenting the reasons the records or information are sought may be sealed temporarily for good cause shown by the Commonwealth's attorney in an ex parte hearing. At the end of the investigation the records or information will be sealed. The bill defines "person" to include any individual, partnership, association, corporation or joint venture, and extends seizure of property to property associated with actions punishable as felonies under the laws of other states or territories or the District of Columbia, or under federal law.

SUMMARY AS INTRODUCED:

Crimes; money laundering. Provides for a financial institution or credit card issuer to disclose bank records or credit card information concerning a customer upon the issuance of a subpoena duces tecum. Provision is made for the financial institution or credit card issuer to move to quash or modify the subpoena duces tecum if compliance would cause an undue burden and for holding harmless the financial institution or credit card issuer or its employees for releasing such information or records pursuant to an order. The statement of facts documenting the reasons the records or information are sought will be sealed upon issuance of the subpoena duces tecum, and the use of such records or information is limited to the investigation and legitimate law-enforcement purposes. At the end of the investigation the records or information will be sealed. Certain other changes are made to include various business entities under the money-laundering statutes, and to allow for the seizure of certain property used in such criminal activity and punishable as a felony under the laws of another state or territory of the United States, the District of Columbia, or the United States.