Money Laundering

Question 1

Money Laundering

Answer 1

illegal process by which individuals attempt to disguise, hide or distance them from their illegal activities

Question 2

3 stages of money laudnering

Answer 2

placement, layering, integration,

Question 3

how much money is laundered?

Answer 3

no visible data on the amount of money laundered. UK- NCA 36-90bn

Question 4

Money laundering reporting requirements

Answer 4

was the drugs trafficking offences act 1986, then criminal justice act 1988, then consolidated into the legislation.

Question 5

defensive reporting

Answer 5

381,882 reports (2015)

Question 6

Global AML policy

Answer 6

8 requirements, includes criminalisation of money laundering, creation of AML authorities and confiscation of proceeds of crime

Question 7

members of AML

Answer 7

EU (warsaw convention 4 money laundering directives), UN (vienna, palermo and corruption convention), FATF( 40 recommendations + 9 special recommendations), internation industry best practice

Question 8

Money Laundering Legislation

Answer 8

Proceeds of crime act 2002 part 7
Money laundering regulations 2007- compliance costs,
Criminal Finances Bill 2016- improving measures such as SAR reports, investigating proceeds of crime

Question 9

Money Laundering Cases

Answer 9

Da Silva- suspicion can be mere gut instinct
K v National westminster bank 2006
R v Duff 2012- solicitor waited to report as later found suspicious, guilty of this

Question 10

Proceeds of Crime act 2002 part 7

Answer 10

3 principle offences- s327,s328,s329. concealing, assisting another, acquisition/use of proceeds. number of defences.

Question 11

first case that used PCA 2002 part 7q

Answer 11

P V P 2004

Question 12

Conclusions

Answer 12

too many vulnerable governments have not criminalised all of it, too many have placed restrictions on AML measures. international cooperation isn’t sufficient. laws and regulations fail to keep up with new ways to launder money.