HB5772 Summary

• Deletes the provision that operating an unlicensed money transmitting business is a Class 3 felony under the Transmitters of Money Act.

• Creates two new criminal offenses: (1) engaging in monetary transactions in criminally derived property exceeding $10,000, and (2) unlawful money transmitting business, with penalties ranging from Class 3 felony to Class X felony depending on property value.

• Increases the penalty for money laundering of property exceeding $1,000,000 from Class 1 non-probationable felony to Class X felony.

• Allows multiple acts or transactions involving money laundering, monetary transactions in criminally derived property, unlawful money transmitting, and related offenses to be charged as a single count in the same indictment if committed in furtherance of a single design or involving property of the same person.

• Makes conforming changes to the Unified Code of Corrections to designate unlawful money transmitting business and engaging in monetary transactions in criminally derived property exceeding $500,000 as non-probationable felonies.