money laundering;
applicability; financial institution
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Committee on Judiciary |
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Committee on Financial Institutions & Insurance |
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Caucus and COW |
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As Passed the House |
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HB 2266 as introduced exempts financial institutions from applicability of one section of Arizona law relating to money laundering. A same-subject strike-everything amendment has been drafted for consideration. The history and provisions follow.
Current law provides that a person is guilty of money laundering in the second degree who acquires or maintains an interest in, transacts, transfers, transports, receives or conceals the existence or nature of racketeering proceeds knowing or having reason to know that they are the proceeds of an offense. This section requires no specific intent on the part of the actor and is a Class 3 felony (3.5 years/up to $150,000 fine for persons; up to $1 million fine for enterprises).
The civil racketeering statute in its current form allows a financial institution to be held liable for damages three times the amount of the money involved in money laundering in the second degree.