S243(2) Money Laundering

Question 1

Money Laundering

Answer 1

Money laundering is the process of dealing with the proceeds of criminal activity in such a way as to make the proceeds appear to have been legitimately acquired

Question 2

Proceeds

Answer 2

In relation to an offence means any property derived by any person from the commission of an offence

Question 3

What are the 3 stages of money laundering

Answer 3

Placement - cash enters the financial system

Layering - money is involved in a number of transactions

Integration - money is mixed with lawful funds or integrated with the appearance of legitimacy

Question 4

What are the 4 points to prove Money Laundering;

Answer 4

• dealing with property or assisting with such dealing
• source of the property being front he proceeds of an offence punishable by 5 years imprisonment or more
• committed by another person
• knowledge or belief that the property was the proceeds of such an offence or recklessness as to whether it was the proceeds of such an offence (an intention to conceal the property)

Question 5

Money Laundering
S243(2), CA 1961

Answer 5

In respect of any property that is the proceeds of an offence
Engages in money laundering transaction
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 an offence