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RFLIB > Anti-Money Laundering Act > Flashcards

Anti-Money Laundering Act Flashcards

1
Q

It is a criminal offense that involves an act or combination of acts whereby proceeds of unlawful activity, whether in cash or other assets, are concealed or disguised to make them appear legitimate.

A

Money Laundering

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2
Q

It is a crime committed by any person, who, knowing that any monetary instrument or property represents or relates to the proceeds of any unlawful activity.

A

Money Laundering

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3
Q

What are the activities related to committing money laundering?

A
  1. Transacts said money and property
  2. Converts, transfers, disposes of, moves, acquires, possesses, or uses them
  3. Conceals or disguises the true nature, source, location, disposition, movement, or ownership
  4. Attempts or conspires to commit the offenses above
  5. Aids, abets, assists in, or counsels the commission of the offenses in (1), (2), (3)
  6. Performs or fails to perform any act as a result of the (1), (2), (3)
  7. Any covered person who failed to report to AMLC
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4
Q

It is any act or omission, or series or combination thereof, involving or having direct relation to any illegal act.

A

Unlawful Activity

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5
Q

It is concealing a lawful source of finances to use it for illegal purposes.

A

Reverse Money Laundering

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6
Q

Usually done to finance terrorists.

A

Reverse Money Laundering

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7
Q

Criminal organizations with legal investments that aim to take lawful funds from official circulation use this method.

A

Reverse Money Laundering

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8
Q

It is received through financial transaction concealment.

A

Unaccounted Cash

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9
Q

Excluded from official financial reporting.

A

Unaccounted Cash

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10
Q

It could be used to pay bribes, avoid taxes, and “under-the-table” salary

A

Unaccounted Cash

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11
Q

What are the Effects of Money Laundering?

A
  1. Estimates can be wrong
  2. Taxes were incorrectly assessed
  3. Valuations of prime assets are undervalued or overvalued
  4. Country’s reputation may suffer
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12
Q

It includes anyone who possesses, proves, collects, or uses property or funds, or make property, funds, or financial services or other related services available by any means with the unlawful and willful intent that they be used in any terrorist act.

A

Terrorism Financing

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13
Q

What are the steps in the Money Laundering Process?

A
  1. Placement
  2. Layering
  3. Integration
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