Money Laundering

Question 1

What is money laundering?

Answer 1

The process by which money that is illegally obtained is made to appear to have been legally obtained.

Question 2

What are the three stages of money laundering?

Answer 2

Placement
Layering
Integration

Question 3

Placement

Answer 3

If the money launderer is able to deposit illicit proceeds within an institution or a state - one which requires little or no disclosure concerning ownership of the funds

Question 4

Layering

Answer 4

If property is passed through a complicated series of transactions, involving both legitimate and illegitimate enterprises

Question 5

Integration

Answer 5

If ownership or origin of funds cannot be ascertained - the funds can be reused in legitimate activity

Question 6

Who deals with reports of money laundering?

Answer 6

Serious Organised Crime Agency - SOCA or a company’s Money Laundering Reporting Officer