SENATE PASSES BILL TO FIGHT MONEY LAUNDERING

Tuesday, June 13, 2000

The New York State Senate today passed legislation (S.7911), sponsored by Senator Roy M. Goodman (R-L, Manhattan), which would facilitate the prosecution of money launderers by mirroring federal money laundering statutes and enhancing penalties for offenders.

�This bill will close loopholes in the present law which permit sophisticated criminals to mask illegal gains, and will prevent the transfer of dirty money into clean assets. It will also make it easier to prosecute major drug dealers and white collar criminals,� said Senator Goodman.

�In today�s high tech world, money laundering has become much easier for criminals. This legislation will enable law enforcement officials to more effectively combat money laundering,� Senate Majority Leader Joseph L. Bruno said. �I commend Governor Pataki and Senator Goodman for their efforts to boost investigation and prosecution of money laundering criminals. Their efforts will help put more of these criminals behind bars where they belong.�

Existing law has not kept pace with the increasingly sophisticated and high tech means by which criminals launder the proceeds of their criminal activity. This bill, originally submitted as a Governor�s program bill, is modeled on the federal statute. It cracks down on money laundering by increasing penalties and creating new categories of money laundering crimes. With these new tools and penalties, police and prosecutors will be able to fight money laundering more efficiently and effectively.

The bill will be sent to Assembly.

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