SB1856 Summary

• Deletes the Class 3 felony penalty for operating an unlicensed money transmitting business under the Transmitters of Money Act.

• Creates two new criminal offenses: engaging in monetary transactions in criminally derived property (Class 2-X felony depending on amount) and unlawful money transmitting business (Class 3-X felony depending on amount).

• Increases money laundering penalties, making laundering of property exceeding $1,000,000 a Class X felony (previously Class 1 non-probationable felony).

• Allows multiple acts of money laundering, monetary transactions in criminally derived property, unlawful money transmitting business, and certain other financial crimes to be charged as a single offense in one count if committed in furtherance of a single design or involving the same person's property.

• Adds engaging in monetary transactions in criminally derived property exceeding $500,000 and unlawful money transmitting business with funds exceeding $500,000 as non-probationable offenses in the Unified Code of Corrections.