senate Bill S7529

2013-2014 Legislative Session

Establishes certain offenses relating to structuring and money laundering

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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May 15, 2014 referred to codes

S7529 - Details

Current Committee:
Law Section:
Penal Law
Laws Affected:
Amd §§470.00, 470.03, 470.25 & 460.10, add §§470.30 - 470.33, Pen L

S7529 - Summary

Establishes certain offenses relating to structuring and money laundering.

S7529 - Sponsor Memo

S7529 - Bill Text download pdf

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

                                  7529

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Codes

AN ACT to amend the penal  law,  in  relation  to  establishing  certain
  offenses relating to structuring and money laundering

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

  Section 1. Section 470.00 of the penal law is amended by adding  three
new subdivisions 11, 12 and 13 to read as follows:
  11.  "STRUCTURES"  FOR  PURPOSES OF SECTIONS 470.30 AND 470.31 OF THIS
ARTICLE, A PERSON STRUCTURES A TRANSACTION  WHEN,  WITH  THE  INTENT  TO
EVADE  ANY REPORTING REQUIREMENT UNDER THE NEW YORK STATE BANKING LAW OR
31 U.S.C. SS 5311 THROUGH 5326, OR ANY REGULATION PRESCRIBED THEREUNDER,
HE OR SHE CONDUCTS OR ATTEMPTS TO CONDUCT ONE  OR  MORE  RELATED  TRANS-
ACTIONS  IN  CURRENCY,  IN ANY AMOUNT, WITH ONE OR MORE FINANCIAL INSTI-
TUTIONS, ON ONE OR MORE DAYS. STRUCTURING INCLUDES, BUT IS  NOT  LIMITED
TO, THE BREAKING DOWN OF A SINGLE SUM OF CURRENCY EXCEEDING TEN THOUSAND
DOLLARS  INTO  SMALLER  SUMS,  INCLUDING  SUMS  AT OR BELOW TEN THOUSAND
DOLLARS, OR THE CONDUCT OF A TRANSACTION, OR SERIES OF  CURRENCY  TRANS-
ACTIONS,  INCLUDING  TRANSACTIONS  AT OR BELOW TEN THOUSAND DOLLARS. THE
TRANSACTION OR TRANSACTIONS NEED NOT  EXCEED  THE  TEN  THOUSAND  DOLLAR
REPORTING THRESHOLD AT ANY SINGLE FINANCIAL INSTITUTION OR ON ANY SINGLE
DAY IN ORDER TO CONSTITUTE STRUCTURING.
  12.  "MONETARY  TRANSACTION"  MEANS  A  DEPOSIT,  WITHDRAWAL, TRANSFER
BETWEEN ACCOUNTS, EXCHANGE  OF  CURRENCY,  LOAN,  EXTENSION  OF  CREDIT,
PURCHASE  OR  SALE  OF ANY STOCK, BOND, CERTIFICATE OF DEPOSIT, OR OTHER
MONETARY INSTRUMENT, USE OF A SAFE DEPOSIT BOX, OR  ANY  OTHER  PAYMENT,
TRANSFER,  OR  DELIVERY  BY,  THROUGH, OR TO A FINANCIAL INSTITUTION, BY
WHATEVER MEANS EFFECTED, EXCEPT THAT "MONETARY  TRANSACTION"  SHALL  NOT
INCLUDE  ANY  TRANSACTION  INVOLVING BONA FIDE PAYMENTS TO ATTORNEYS FOR
LEGAL SERVICES.
  13. "PROPERTY DERIVED FROM SPECIFIED CRIMINAL CONDUCT" MEANS ANY PROP-
ERTY CONSTITUTING, OR  DERIVED  FROM,  PROCEEDS  OF  SPECIFIED  CRIMINAL
CONDUCT, AND NEED NOT EXCLUSIVELY CONSTITUTE OR BE DERIVED FROM PROCEEDS
OF SPECIFIED CRIMINAL CONDUCT.

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

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