(1) A person who conducts, attempts to conduct, or participates in conducting or attempting to conduct a financial transaction involving a monetary instrument or other property that a law enforcement officer represents to be the proceeds or substituted proceeds of a specified criminal offense is guilty of a felony, punishable as provided in subsection (2), if that person conducts, attempts to conduct, or participates in conducting or attempting to conduct the financial transaction with the intent to do 1 or more of the following:

    (a) Promote the commission of a criminal offense.

    (b) Conceal or disguise the nature, location, source, ownership, or control of a monetary instrument or other property believed to be the proceeds or substituted proceeds of a specified criminal offense or avoid a transaction reporting requirement under state or federal law.

    (2) A person who violates subsection (1) is guilty of a felony punishable as follows:

    (a) If the monetary instrument or other property involved in the transaction is represented to be the proceeds or substituted proceeds of a controlled substance offense and has a value of $10,000.00 or more, by imprisonment for not more than 20 years or a fine of not more than $500,000.00, or both.

    (b) If the monetary instrument or other property involved in the transaction is represented to be the proceeds or substituted proceeds of a controlled substance offense or has a value of $10,000.00 or more, by imprisonment for not more than 10 years or a fine of not more than $100,000.00, or both.

    (c) In all cases not described in subdivision (a) or (b), by imprisonment for not more than 5 years or a fine of not more than $50,000.00, or both.

    (3) For purposes of this section, a representation of a monetary instrument or other property as the proceeds or substituted proceeds of a specified criminal offense may be made by a person at the direction of, or with the approval of, a law enforcement official authorized to investigate or prosecute violations of this section.

    (4) For purposes of this section, the $10,000.00 threshold for the value of the monetary instrument or other property represented to be proceeds or substituted proceeds may be aggregated over a period of 30 calendar days.