Money laundering: digital assets.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill expands California’s laws to combat money laundering involving digital financial assets, such as cryptocurrencies. It defines digital financial assets and makes it a crime to use them to facilitate or promote criminal activity, including laundering proceeds from crimes. The bill also allows law enforcement to seize these assets with a warrant and establishes a process for forfeiting them, with proceeds going to compensate victims of crime. It includes provisions for notifying potential owners of seized assets and establishing a claim process for those who believe they have a rightful interest.
Key provisions
- Expands the definition of money laundering to include transactions involving digital financial assets.
- Authorizes law enforcement to obtain search warrants to seize digital financial assets.
- Establishes a process for forfeiting seized digital financial assets, including notification to potential owners and a claim process.
- Requires a court to adjudicate claims to the seized digital financial assets.
- Specifies how forfeited digital financial assets will be distributed to victims of crime.
- Creates a state-mandated local program due to the expansion of a crime.
- Allows law enforcement to freeze digital financial assets pending seizure.
- Defines methods for serving legal notices related to seized digital assets.
Who is affected
- Criminals and organized crime groups
- Individuals involved in money laundering activities
Bill text
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Sponsors
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1 on record
Primary sponsor
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