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1997 SESSION

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974169296
HOUSE BILL NO. 1793 Offered January 8, 1997 A BILL to amend the Code of Virginia by adding a section numbered 18.2-248.8, relating to money laundering; penalties. ---------- Patron-- Howell ---------- Referred to Committee for Courts of Justice ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 18.2-248.8 as follows:

§ 18.2-248.8. Duplicate reporting by financial institutions of certain currency transactions, criminal penalties.

A. All banks or other financial institutions in the Commonwealth required to file reports under 31 U.S.C. §§ 5311 through 5313, as prescribed by 31 C.F.R. § 103.22, commonly referred to as the Bank Secrecy Act, shall make duplicate reports available to the Commonwealth of Virginia. This requirement shall be satisfied by filing in compliance with the federal Bank Secrecy Act.

B. All persons engaged in a trade or business, except financial institutions referred to in subsection A, who receive more than $10,000 in foreign or domestic currency in one transaction or who receive more than $10,000 in foreign or domestic currency through two or more related transactions in one business day and who are required under 26 U.S.C. § 60501, to file a report concerning such a transaction or transactions, commonly referred to as Form 8300, shall make duplicate reports available to the Commonwealth of Virginia. This requirement shall be satisfied by compliance with the filing requirements of the federal reporting statute.

C. Any person who knowingly and intentionally fails to comply with the provisions of subsection A or B shall be guilty of a Class 1 misdemeanor. Any person who knowingly and intentionally fails to comply with the provisions of subsection A or B after having previously been convicted of one or more such offenses, shall be guilty of a Class 6 felony.

D. Any person who knowingly and intentionally fails to comply with the provisions of subsection A or B, regardless of the existence of prior convictions, and who does so with regard to transactions within a period of six months totaling more than $100,000, shall be guilty of a Class 4 felony.

2. That the provisions of this act may result in a net increase in periods of imprisonment in state correctional facilities. Pursuant to § 30-19.1:4, the estimated amount of the necessary appropriation is $125,000.