Definitions Flashcards
The proceeds of Crime Act 2002
The proceeds of crime act establishes the principal money laundering offences as well as the offensive of failing to report suspicious mind yesterday, tipping off about money laundering disclosure tripping proceeding money laundering investment.
The Terrorism Act 2000
The terrorism act establishes specific offences relating to engaging in or facilitating terrorism, as well as raising or possessing funds for terrorism purposes.
Sanctions and Anti money laundering act 2018
Sanctions and anti-money laundering Act 2 1018 allows for the implementation of sanctions by the UK, and also includes additional AML &ctf legislations in response to Brexit.
The money laundering, terrorist Financing and transfer of funds regulations 2017
Implements the law in the UK. With regards to AML &c TF and sets requirements for AML &c TF. Regime within the regulated sector which includes casinos.
Three stages of money laundering?
The 3 stages of money laundering include placement, layering and integration.
What is placement in ML?
Placement is often needed because of the cash intensive. Nature of the underlying crime money is placed into the financial system or retail market or smuggled into another country. The aim of money launderer is To avoid detection by the authorities and then to transform the the criminal proceeds into all other assets.
What is layering in ml?
Layering is an attempt to conceal or disguise the source and ownership of the criminal proceeds by creating complex layers of financial transactions. These layers obscure the audit trial and provide a 90. The purpose is to disassociate the criminal proceeds from the criminal activity with. Layering are usually created by moving money to innovative account and by using electronic fund transfers.
What is integration in ml?
Integration involves integrating the criminal proceeds into the legitimate Economic and financial system, therefore assimilating it with other assets, integration of clean money into the economy is achieved by making it appear legally earned or obtained.
The 4 stages of terrorist financing? ctf.
The 4 stages of terrorist financing include collection, storage transfer, and use.
Regarding terrorist financing, what is collection?
Collection refers to the generation of funds intended for a terrorist or terror organisation.
Regarding terrorist financing, what is storage?
Storing funds intended to be used to fund terrorist activities. For example, by using bank and other accounts, EG prepaID Cards.
Regarding terrorist financing, what is transfer?
Transfer is the movement of funds for the purpose of financing a terrorist activity well known Is mechanisms include the traditional banking and financial sector money services, businesses, and cryptocurrency wallets.
Relating to terrorist financing, what is use?
Funds used to finance Terrorist activities easy using it to pay for weapons equipment or training
What are the key risk areas relating to AML &c TF.
The key area of risks regarding AML &c TF include country and geographical risk, customer risk, transitional risk, product risk, and staff risk.
What is the basil index?
The basil index is an independent annual ranking that assesses the risk of money laundering and terrorist financing around the world.
