Money Laundering Flashcards
(26 cards)
what is money laundering
the method in which criminals disguise the illegal origins of their wealth and protect their asset bases, so as to avoid the suspicion of law enforcement agencies and prevent leaving an incriminating trail of evidence.
what section and act is money laundering
Section 243 CA61
define interest
legal or equitable estate or interest in the property
a right, power, or privilege in connection with the property
define proceeds
any property that is derived or realised directly or indirectly from an offence
define property
real or personal property, tangible or intangible, or an interest in such
what are the meanings of money laundering
placement
layering
integration
explain placement with example
cash enters the financial system - depositing money from dealing into an associates bank account
explain layering with an example
money is involved in a number of transactions - associate transfers money into a shell account the offender is a director of
explain integration with an example
money is mixed with legitimate funds or integrated back into the economy with the appearance of legitimacy - money is declared as revenue for the company and tax is paid, then the offender pays himself as a shareholder, salary or director
what are the elements of money laundering
in respect of any property that is the proceeds of an offence
engages in a money laundering transactions
knowing or believing that all or part of the property is the proceeds of an offence
OR
being reckless as to whether or not the property is the proceeds of the offence
explain in respect of any property that is proceeds of any offence
includes both tangible or intangible, real or personal property or an interest in such
includes offences and acts committed overseas that would be an offence in NZ
explain engages in a money laundering transaction
conceal, changing form, deal with, or assists with dealing, disposing, moving in and out of NZ
explain knowing or believing that all or part of the property is the proceeds of an offence
direct evidence and/or circumstantial
must have knowledge when the property is dealt with
explain being reckless as to whether or not the property is the proceeds of the offence
R v Cameron - subjective/objective test
what is the purpose of criminal proceeds act 2009
facilitate action in stripping assets and wealth from individuals and groups involved in organised crime
who issues an assets forfeiture order
high court
what is tainted property
any property that has, wholly or in part, been
acquired as a result of significant criminal activity
OR
directly or indirectly derived from significant criminal activity
what is a qualifying instrument forfeiture offence
5+ years imprisonment
can include an attempt, conspiracy, party to, accessory after the fact if penalty is 5+years
what are the two criteria for significant criminal activity
offence 5+ years imprisonment
proceeds, property or benefits of $30k+ have directly or indirectly, acquired or derived
what’s a profit forfeiture order
high court issued
satisfied on balance of probabilities
respondent has unlawfully benefited from significant criminal activity
AND
the respondent has interest in the property
what is an instrument for crime
property, wholly or partly, used in the commission of a qualifying instrument forfeiture offence (5 years)
who has the obligation to notify the court of relevant property in relation to the criminal proceeds act action
prosecutor
what must the prosecutor advise the court if the offender is found guilty of a instrument forfeiture offence
details of property
name and identifying details of anyone else who has an interest in the property
what are four things that are assessed in relation to property of a forfeiture order
value of the asset
equity in the asset
any third party interest in the asset
the cost of action in relation to the asset
