TERRORISM: MONEY LAUNDERING - H.B. 5509: FLOOR ANALYSIS
House Bill 5509 (as reported without amendment)
Sponsor: Representative Nancy Quarles
House Committee: Criminal Justice
Senate Committee: Judiciary
CONTENT
The bill would amend the Michigan Penal Code to include a violation of Chapter 83-A (Terrorism), proposed by Senate Bill 930, in the definition of "specified criminal offense" under the Code's money laundering provisions. Under the bill, then, it would be a crime to receive or acquire a monetary instrument or other property that constituted the proceeds or substituted proceeds of a terrorism offense prohibited by Chapter 83-A, if the offender met the knowledge element of the money laundering offense.
House Bill 5509 is tie-barred to Senate Bill 930.
(The Code's money laundering provisions prohibit a person from knowingly receiving or acquiring a monetary instrument or other property that constitutes the proceeds or substituted proceeds of a "specified criminal offense" with prior actual knowledge that the monetary instrument or other property represents the proceeds or substituted proceeds of a criminal offense and the receipt or acquisition of the proceeds or substituted proceeds meets one or both of the following:
-- It will aid that person or another in promoting or carrying on the criminal offense from which the proceeds or substituted proceeds were derived or any other criminal offense.
-- It is designed, in whole or in part, to conceal or disguise the nature, location, source, ownership, or control of the proceeds or substituted proceeds of the specified criminal offense or to avoid a transaction reporting requirement under State or Federal law.)
MCL 750.411j - Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would have an indeterminate fiscal impact on State and local government. To the extent that it would add terrorism offenses to the list of specified crimes applicable to money laundering offenses, the bill could increase State criminal justice costs.
Date Completed: 2-21-02 - Fiscal Analyst: Bethany WicksallFloor\hb5509 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.