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Financial Services Law Insights and Observations

Wisconsin declares money laundering a state crime; provides penalties

State Issues Anti-Money Laundering State Legislation Consumer Protection

State Issues

On March 3, the Wisconsin governor signed SB 368, which criminalizes money laundering in the state and specifies penalties based on the amount of proceeds involved. Among other things, SB 368 outlines the contours of prohibited “money laundering” conduct, and establishes that any transaction where the proceeds of a money laundering transaction exceed $2,500 is a felony. Each of the provisions detailing the prohibited conduct contains a knowledge requirement. Both “proceeds” and “transaction” are defined terms under the new law. The bill is effective as of March 5.

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