MONEY LAUNDERING AND CRIMINAL PROCEEDS (RECOVERY) ACT 2009 Flashcards

1
Q

Under S243 (1) of the Crimes Act 1961 - Outline the meanings of “Conceal” and “Deal with”

A

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

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2
Q

What is the definition of interest in relation to Money Laundering?

A

A legal or equitable estate or interest in the property, or a right, power, or privilege in connection with the property.

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3
Q

What is tainted property?

A

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.

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4
Q

The High Court must make a profit forfeiture order if it is satisfied on the balance of probabilities that (2 ELEMENTS)

A

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

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5
Q

What is the primary purpose of the Criminal Proceeds (Recovery) Act 2009?

A

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.

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6
Q

What is the meaning of significant Criminal Activity?

A

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.
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7
Q

Before preparing a Restraining Order Application, an Assessment Process must commence. What does the assessment process determine? (4 POINTS)

A
  • The value of the asset
  • Equity in the asset
  • Any 3rd party interest in the asset
  • Cost of action in respect of the asset
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8
Q

What points need to be covered when interviewing a money laundering suspect?

A
  • Suspects legitimate income
  • Suspects illegitimate income
  • Expenditure
  • Assests
  • Liabilities
  • Acquisition of financial records
  • Clarification of documentary
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9
Q

What is unlawful benefit?

A

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).

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