Illinois Chapter 720 ILCS 5/29B – Money Laundering
Chapter 720 ILCS 5/29B of the Illinois Revised Statutes: Criminal Offenses discusses money laundering, a white-collar crime. It consists of attempts to disguise money that was earned illegally as legally obtained money.
What Chapter 5/29B Covers
Chapter 5/29B is focused on attempts to move, hide, or use money that was earned through a crime in an attempt to make it appear legally obtained. It can also apply to situations where someone attempts to hide money from the government.
To read a breakdown of the main statute explained in plain English, use the link below
Chapter 5/29B Statute Explained
Up Against Money Laundering Allegations in Illinois?
Money laundering is a felony which can result in high fines and prison sentences. Don’t sit by and let it happen to you. When you work with Combs Waterkotte, you’re getting a team that knows the prosecution builds its cases and how to fight them. Contact us online or call (314) 900-HELP for a confidential review of your case.
720 ILCS 5/29B-0.5 Definitions
Section 5.29B-0.5 defines some common terms and phrases that are used throughout this chapter.
“Conduct” or “conducts” means actions done to take part in an operation or a transaction.
“Criminally derived property” means any money or other property earned by committing a felony.
“Director” means the head of the Illinois State Police or someone they send on their behalf.
“Financial transaction” means any time where money changes hands, like when you buy something, wire funds, or loan someone money.
“Form 4-64” refers to a police form regarding seized property.
“Knowing that the property involved in a financial transaction represents the proceeds of some form of unlawful activity” means being aware that money came from criminal activity, even if you didn’t know exactly which crime.
“Monetary instrument” means cash, coins, checks, stocks, and similar objects.
“Specified criminal activity” means any act that violates Illinois’ terrorism laws.
“Transaction reporting requirement under State law” means anything that breaks the laws in the Currency Reporting Act.
Contact us online or call (314) 900-HELP to talk with a Southern Illinois criminal defense lawyer.
