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Assembly Bill A7493

2011-2012 Legislative Session

Establishes the new crime of structuring to avoid a transaction reporting requirement

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Archive: Last Bill Status - In Assembly Committee

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2011-A7493 (ACTIVE) - Details

Current Committee:
Assembly Codes
Law Section:
Penal Law
Laws Affected:
Amd Art 470 Art Head, §460.10, add §470.30, Pen L; amd §700.05, CP L

2011-A7493 (ACTIVE) - Summary

Establishes the new crime of structuring to avoid a transaction reporting requirement.

2011-A7493 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7493

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               May 6, 2011
                               ___________

Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
  tee on Codes

AN ACT to amend the  penal  law  and  the  criminal  procedure  law,  in
  relation to creating a new crime of structuring to avoid a transaction
  reporting requirement

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The article heading of article 470 of  the  penal  law,  as
added by chapter 280 of the laws of 1988, is amended to read as follows:
         MONEY LAUNDERING AND STRUCTURING TO AVOID A TRANSACTION
                          REPORTING REQUIREMENT
  S 2. The  penal  law is amended by adding a new section 470.30 to read
as follows:
S 470.30 STRUCTURING TO AVOID A TRANSACTION REPORTING REQUIREMENT.
  A PERSON IS GUILTY OF STRUCTURING TO  AVOID  A  TRANSACTION  REPORTING
REQUIREMENT WHEN, ACTING ALONE, OR IN CONJUNCTION WITH, OR ON BEHALF OF,
OTHER  PERSONS,  WITH  THE  INTENT  TO  AVOID A TRANSACTION REPORTING OR
RECORDKEEPING REQUIREMENT IMPOSED BY STATE OR FEDERAL LAW OR REGULATION,
INCLUDING BUT NOT LIMITED TO SECTION 116.2 OF TITLE THREE OF THE  CODES,
RULES AND REGULATIONS OF THE STATE OF NEW YORK, SUBCHAPTER II OF CHAPTER
FIFTY-THREE  OF  TITLE  THIRTY-ONE  OF THE UNITED STATES CODE (31 U.S.C.
5311 ET SEQ.), PART ONE HUNDRED THREE OF TITLE THIRTY-ONE OF THE CODE OF
FEDERAL REGULATIONS (31 C.F.R. 103 ET SEQ.),  AND  ANY  RULES  OR  REGU-
LATIONS ADOPTED PURSUANT TO THE FEDERAL DEPOSIT INSURANCE ACT (12 U.S.C.
1829B)  OR  SECTION  NINETEEN HUNDRED FIFTY-THREE OF TITLE TWELVE OF THE
UNITED STATES CODE (12 U.S.C. 1953), HE OR SHE:
  1. CAUSES OR ATTEMPTS TO CAUSE A FINANCIAL INSTITUTION TO FAIL TO FILE
A REPORT OR MAINTAIN A RECORD REGARDING CURRENCY TRANSACTIONS OR  SUSPI-
CIOUS TRANSACTIONS AS REQUIRED BY STATE OR FEDERAL LAW; OR
  2.  CAUSES  OR  ATTEMPTS  TO  CAUSE  A FINANCIAL INSTITUTION TO FILE A
REPORT OR MAINTAIN A RECORD REGARDING CURRENCY  TRANSACTIONS  OR  SUSPI-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11399-01-1

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