HB 3989

Abstract

Amends the Transmitters of Money Act. Deletes provision that a person who engages in conduct requiring a license under the Act and fails to obtain a license from the Director is guilty of a Class 3 felony. Amends the Criminal Code of 2012. In the statute concerning money laundering, provides that the laundering of property of a value exceeding $1,000,000 is a Class X felony. Creates the offense of engaging in monetary transactions in criminally derived property and the offense of unlawful money transmitting business. Defines offenses and establishes penalties. Amends the Code of Criminal Procedure of 1963. Provides that 2 or more acts or transactions involving money laundering, engaging in monetary transactions in criminally derived property, unlawful money transmitting business, online sale of stolen property, online theft by deception, electronic fencing, or workers' compensation fraud, may be charged as a single offense in a single count of the same indictment, information, or complaint, if the acts or transactions by one or more defendants are in furtherance of a single intention and design or if the property, labor, or services obtained are of the same person or are of several persons having a common interest in the property, labor, or services. Amends the Unified Code of Corrections to make conforming changes.