SB 5318-S - DIGEST

(SUBSTITUTED FOR - SEE 2ND SUB)

      Provides that money laundering in the first degree is a class B felony and money laundering in the second degree is a class C felony.

      Provides civil penalties for violation of the act.

      Declares that the proceeds of unlawful activity shall be forfeited, and no property rights exist in those proceeds.

      Authorizes persons to report a financial transaction to a law enforcement agency if there is reason to believe the transaction involves proceeds of some form of unlawful activity.