708A-3 Money laundering; criminal penalty
COMMENTARY ON CHAPTER 708A
Act 119, Session Laws 1995, repealed part XI, chapter 708 (money laundering), and created this chapter to provide a comprehensive strategy to combat the economic effects of money laundering as the legislature found that money laundering is an integral component of criminal networks.
This chapter conforms to the federal money laundering statute, and in particular, prohibits knowingly conducting or attempting to conduct a financial transaction involving property represented to be proceeds of specified unlawful activity, with the intent to further the unlawful activity or knowing the action is designed to conceal or disguise the nature, location, source, ownership, or control of the proceeds.
The prohibited acts and penalties of this chapter are applicable to any person committing the specified unlawful acts if the person believes the value or aggregate value of the property transported, transmitted, transferred, received, or acquired is $10,000 or more or if the value or aggregate value is, in fact, $10,000 or more. Conference Committee Report No. 131.