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1997 SESSION

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SB 775 Crimes; money laundering.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY:

Crimes; money laundering. Creates a comprehensive money laundering act. The bill makes it a felony to conduct a financial transaction knowing the funds are proceeds of a specified unlawful activity: (i) with the intent to promote an unlawful activity; (ii) with the knowledge that the transaction is designed to conceal the nature or source of the proceeds; or (iii) with the intent to avoid reporting the funds. A violation of the act is punishable by imprisonment up to 40 years or a fine of up to $500,000 or twice the value of the property involved, or both. The bill empowers the Attorney General to participate in the investigation and prosecution upon request of the local attorney for the Commonwealth. The act provides for the seizure of any property involved in the laundering scheme, for the freezing of any accounts in a financial institution if a court finds reasonable suspicion exists to believe that some of the proceeds in the account are the proceeds of an unlawful activity and for liability for loss to be imposed upon financial institutions which fail to comply with a request to freeze assets. Failure to file transaction reports required by federal law is made punishable as a state offense.


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