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Association Module Flashcards > Money Laundering > Flashcards

Money Laundering Flashcards

1
Q

Money laundering

S243(4) CA61

A

For the purposes of this section, a person engages in a money laundering transaction if, in concealing any property or by enabling any person to conceal any property, that person
A) deals with that property or
B) assists any other person, whether directly or indirectly, to deal with that property

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2
Q

Conceal/deal with/interest/offence/proceeds/property

S243(1) CA61

A

Conceal: to conceal or disguise the property

Deal with: to deal with the property in any manner and any means (dispose, transfer possession, bring into nz, remove from nz)

Interest: means a legal estate or interest in property. A right, power or privilege in connection with property

Offence: an offence that is punishable under nz law

Proceeds: in relation to an offence, means any property that is derived or realised, directly or indirectly, by any person from the commission or the offence

Property: means real or personal property of any description whether tangible or intangible. Includes any interest in such real or personal property.

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3
Q

S243A CA61

A

Person can be charged of money laundering even though person who committed the offence has not been charged or convicted.

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4
Q

S245 CA61

Defence

A

S243 applies to act that occured outside nz and that is alleged to constitute an offence resulting in proceeds only if
A) act was an offence under the law of the place where and when it occurred

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5
Q

Money laundering meaning

A

Money laundering is a process of dealing with the proceeds of criminal activity in such a way as to make the proceeds appear to have been legitimately acquired.

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6
Q

Three stages of Cycle

A

PLACEMENT - cash entered financial system eg. Offender makes money from selling cannabis and deposits the proceeds into associate’s bank account

LAYERING - money is involved in number of transactions eg. Associate transfers money into an account held by a ‘shell’ company that the offender is the director of

INTEGRATION - money is mixed with lawful funds or integrated back into the economy, with the appearance of legitimacy eg. Money is declared as revenue for the company, tax is paid, offender pays himself director fees or salary out of company account

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7
Q

Elements of money laundering

A
  • in respect of 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
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8
Q

Primary purpose of Criminal Proceeds Recovery Act 2009

S3

A

To establish a regime for the forfeiture of property that has been derived directly or indirectly from significant criminal activity or that represents the value of a person’s unlawfully derived income

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9
Q

Assets Forfeiture Order (AFO) is issued by

A

High court on application

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10
Q

Tainted property

S5 criminal proceeds (recovery) act 2009

A

Tainted property means any property that has, wholly or in part been
A) acquired as a result of significant criminal activity or
B) directly or indirectly derived from significant criminal activity

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11
Q

Significant criminal activity

S6 criminal proceeds (recovery) act 2009

A

An activity engaged in by a person that if proceeded against as a criminal offence would amount to offending

  • punishable by imprisonment of 5 or more years or
  • from which property, proceeds or benefits of a value of $30k or more have, directly or indirectly, been acquired or derived
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12
Q

Unlawfully benefited from significant cimrininal activity meaning
S7 criminal proceeds ( recovery) act 2008

A

A person has unlawfully benefited from significant criminal activity if the person has knowingly, directly or indirectly, derived a benefit from significant criminal activity whether or not person undertook or was involved.

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13
Q

S55 criminal proceeds (recovery) act 2009

The high court must make a profit forfeiture order if it is satisfied on the balance of probabilities that:

A
  • the respondent had unlawfully benefited from significant criminal activity within the relevant period of criminal activity and
  • the respondent has interests in property
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14
Q

Instrument of crime meaning

S5 criminal proceeds (recovery) act 2009

A

Property used (wholly or in part) to commit or facilitate the commission of a qualifying instrument forfeiture offence

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15
Q

Obligations of prosecutor to notify Court of relevant property
S142B Sentencing Act 2002

A

Places obligations on the prosecutor to consider notifying the court of any relevant property that is an instrument of crime so that forfeiture of that property can be considered as part of the sentencing process

If qualified, notify court in writing of

  1. Details of the property
  2. Name and identifying details of any person who has interest in the property
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16
Q

Before preparing ‘application for restraining order relating to instrument of crime’, an assessment process is required to determine:

A
  • The value of the asset
  • Equity in the asset
  • Any third party interest in the asset
  • The cost of action in respect of the asset
17
Q

Property that is an instrument of crime may need to be restrained while the criminal proceedings take their course to:

A

Prevent disposal of the assets or erosion of its value by being further encumbered

18
Q

Affidavit required for application of restraining instrument of crime outlining 5 things

A
  • OC details
  • offender details including charges and criminal convictions
  • SW, describe nature of offending discovered at or involving property concerned
  • admission during interview
  • details of property sought to be restrained and its value, and that offender owns, has custody or control.
19
Q

For an order to be made under s24 (1) of the criminal proceeds (recovery)Act 2009 the court has to be satisfied it has:

A

Reasonable grounds to believe the property is tainted - that it has been acquired, or directly or indirectly derived, from significant criminal activity

Reasonable grounds to believe that the respondent has unlawfully benefited from significant criminal activity and that the respondent has an interest in the property to be restrained

Respondent has been charged with a ‘qualifying instrument forfeiture offence’ or RGTB will be charged within 48hrs, and RGTB the property subject to order was used to commit/facilitate the qualifying instrument forfeiture offence

20
Q

Investigative procedure - suspect interview. Consider following 7 points

A
  • Suspects legitimate income
  • Suspects illegitimate income
  • Expenditure
  • Assets
  • Liabilities
  • Acquisition of financial records, from Banks, financing companies, loan sharks, family trust documents
  • Clarification of documentary evidence located as per above

Association Module Flashcards (8 decks)

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