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Terms in this set (18)
Where the cash proceeds of criminal activity enter into the financial system
the first stage
the second stage
where attempts are made to distance the money from it's illegal source through layers of financial transactions
the third stage
involves the reintroduction of the illegal proceeds into legitimate commerce by providing a legitimate appearing explanation for the funds
the main UK legislation covering anti-money laundering and terrorist financing
the money laundering regulations (2007)
the proceeds of crime Act 2002
concealing, disguising, converting, transferring or removing criminal property from the UK; entering into or becoming involved in an arrangement which facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person; failing to disclose knowledge or suspicion of money laundering to either the nominated officer or the National Crime Agency as appropriate
the terrorism act 2000
set out the primary offences related to terrorist funding. it requires regulated businesses to report knowledge or suspicion of offences related to terrorist financing: fundraising for the purposes of terrorism; using or possessing money for the purposes of terrorism; involvement in funding arrangements; money laundering-facilitating the retention or control of money, which is destined for, or is the proceeds of, terrorism.
the counter terrorism act 2008
gives HM Treasury powers to impose restrictions on financial transactions with individuals, businesses or countries to prevent the creation of: nuclear biological, radiological, or chemical weapons and / or their means of delivery.
the transfer of funds regulations
sets out the information that must accompany a transfer of funds
money laundering is a...
who do the penalties apply to?
both to the individuals who launder money and to those who assist, conceal, or do not act accordingly when they suspect money laundering activities.
how long is the maximum penalty for money laundering?
14 years, along with hefty fines, and all companies and individuals should be aware of their responsibilities in this area of law.
the process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions
where is money laundering most likely to happen?
money laundering can happen anywhere, in any country
are you breaking the law if you turn a blind eye and fail to report suspected money laundering activity?
the three stages of money laundering
placement, layering, integration
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