MONEY LAUNDERING AND CRIMINAL PROCEEDS (RECOVERY) ACT 2009 Flashcards
Under S243 (1) of the Crimes Act 1961 - Outline the meanings of “Conceal” and “Deal with”
CONCEAL:
- In relation to property, means to conceal or disguise the property and include without limitations:
- To convert the property from one from to another
- To conceal or disguise the nature, source, location, disposition or ownership of property
DEAL WITH:
- In relation to property, means to deal with the property in any manner and by any means, and includes, without limitations:
a) To dispose of the property
b) Transfer possession of the property
c) Bring the property into NZ
d) Remove the property from NZ
What is the definition of interest in relation to Money Laundering?
A legal or equitable estate or interest in the property, or a right, power, or privilege in connection with the property.
What is tainted property?
a) Means any property that has wholly or in part been:
i) Acquired as a result of significant criminal activity AND
ii) Directly/Indirectly derived from significant criminal activity AND
b) includes any property that has been acquired as a result of, or directly/indirectly derived from, more than 1 activity if at least 1 of those activities is a significant criminal activity.
The High Court must make a profit forfeiture order if it is satisfied on the balance of probabilities that (2 ELEMENTS)
a) Respondent has unlawfully benefited from significant criminal activity within the relevant period of criminal activity AND
b) Respondent has an interest in the property
What is the primary purpose of the Criminal Proceeds (Recovery) Act 2009?
To establish a regime for the forfeiture of property:
a) That has been derived directly/indirectly from significant criminal activity OR
b) That represents the value of a person’s unlawfully derived income.
What is the meaning of significant Criminal Activity?
Means an activity engaged in by a person that is proceeded against as a criminal offence would amount to offending
- Consists of or includes 1 or more offences punishable by a maximum term of imprisonment of 5 years
- From which property, proceeds or benefits of a value of $30K or more have been directly/indirectly been acquired or derived.
Before preparing a Restraining Order Application, an Assessment Process must commence. What does the assessment process determine? (4 POINTS)
- The value of the asset
- Equity in the asset
- Any 3rd party interest in the asset
- Cost of action in respect of the asset
What points need to be covered when interviewing a money laundering suspect?
- Suspects legitimate income
- Suspects illegitimate income
- Expenditure
- Assests
- Liabilities
- Acquisition of financial records
- Clarification of documentary
What is unlawful benefit?
A person unlawfully benefited from significant criminal activity if the person has knowingly, directly or indirectly derived a benefit from significant criminal activity (whether or not that person undertook or was involved in the significant criminal activity).
