Money laundering And Crininal Proceeds Act 2009 Flashcards
What are the three phases of money laundering
PLACEMENT - cash enters the financial system
LAYERING - money is involved in a number of transactions
Integration - money is mixed with lawful funds or Integrated back into the economy with the appearance of legitimacy
What are the three elements of money laundering
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 a criminal offence
What should be considered when interviewing a person about money laundering
Suspects legitimate income
Suspects illegitimate income
Expenditure
Assets
Liabilities
Financial records/ loans/family trusts
Clarification documents surrounding the above
What is significant criminal activity
S6
Activity engaged in by a person that if proceeded against would amount to
1+ offence of 5 yrs imprisonment and
Property/proceeds/beinfits 30000 + directly or indirectly acquired
What is a qualifying instrument of fortiture offence
5+ imprisonment
Includes attempt/accessory/conspiring
What is an instrument of crime
Property used (wholly or in part) to commit a crime
Includes funds allocated
Includes the proceeds of the disposition of such property after the commission of the qualifying offence
When has a person unlawfully benefited
if the person has knowingly dir/indirectly derived a benefit from significant criminal activity (do not need to be involved in the significant criminal activity
What was held in Pullman v commissioner of police
Purpose of forfeiture order regime is not only to prevent the ability for a person to profit from undertaking significant criminal activity but also the “chance” that they may be able to do so and also deter SCA
What must happen before criminal proceeds action can be taken
Restraining order. Application to the high courts showing reasonable grounds to believe that the property is tainted
An application for restraint of instrument of crime requires an affidavit from the OC. What must be outlined
OC details
Offender details/charges criminal convictions
SW
PROPERTY sought to be restrained and its value. Proof of ownership
Admissions during interview
Define tainted property s5 CPA 2009
Any property acquired as a result of SCA
DIRECTLY/indirectly derived from SCA
Includes any property that has been acquired as a result of or dir/indir derived from more than 1 activity of at least one of those activities is a SCA
Who may apply for restraining orders
Only members of the ARU
Includes assets forfeiture orders and profit orders
