Money Laundering Flashcards
Define conceal under Section 243(1) CA61
In relation to property, means to conceal disguise the property and includes without limitations.
To convert property from one form to another
To conceal disguise the nature, source, location, disposition, or ownership of the property.
Define deal with under Section 243(1) CA61
To dispose of the property by way of sale purchase gift
Transfer possession of property
Bring property into NZ
Remove property from NZ
Define interest under Section 243(1) CA61
To deal with any property in any manner and by any means
A legal or equitable estate or interest in the property
A right power or privilege in connection with the property
Define offence under Section 243(1) CA61?
Any offence that is punishable under NZ law including any act wherever committed that would be an offence in NZ if committed in NZ
Define proceeds under Section 243(1) CA61
Property that is derived or realised, directly or indirectly by any person from the commission of the offence
What is section 243(3) CA61
Everyone is liable for 5 years who obtains or has possession of any property (proceeds)
With intent to engage in a money laundering transaction in respect of that property
Knowing or believing that all or of the property is he proceed of the offence.
What is section 243(4) CA61
A person engages in money laundering transaction if in concealing any property by enabling any person to conceal any property
Deals with that property
Assist any other person in dealing with that property
What is section 243(4A) CA61
The prosecution is not required to prove that the defendant had an intent to
Conceal any property
Enable any person to conceal any property.
What is section 243(5) CA61
In any prosecution against s2 and 3
Not necessary for prosecution to prove that the defendant know the property was proceeds from a particular offence
No defence if defendant believed any property to be the proceeds of a different offence to the one committed.
What is section 243A CA61
Person charged under s243(2) & s243(3) any property that is the proceed of an offence in these section applies eventhough the person who committed the offence
Has not been charged with that offence
Has not been convicted of that offence
What are the three phases of money laundering?
Placement
Cash enters the financial system
Layering
Money is involved in a number of transactions
Integration
Money is mixed with lawful funds or integrated back in to the economy
What is section 245 CA61
Section 243 apples to an act occurred outside NZ only if
The act was was an offence under the law where and when it occurred
It is an act section 7 & 7A apply
Theres an enactment for the offence that happened overseas in NZ
What are the elements for Money laundering?
In respect to any property that is the proceeds of an offence
Engages in a 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
What is section 3 Crimnal proceeds Act 2009? (Proceeds)
- Establish a regime for the forfeiture of property
That has been derived from significant criminal activity
That represents the value of a persons unlawfully derived income - Eliminate the chance of a person to profit from significant criminal activity
Deter significant criminal activity
Reduce ability to continue or expand criminal activity
Deal with matters associated with foreign forfeiture orders that rise in NZ
What is an AFO?
Assets Forfeiture Order, issued by the high court on application.
Successful application must show on the balance of probability that specific assets have bee acquired or tainted by significant criminal activity