Money laundering and the criminal proceeds Recovery Act

Question 1

Money laundering section

Answer 1

Section 243

Question 2

Define interest

Answer 2

• a legal or equitable estate or interest in the property or

- a right, power or privilege in connection with the property

Question 3

Define offence

Answer 3

Offence means an offence (or any offence described as a crime) that is punishable under NZ law. Includes any act, wherever committed, that would be an offence in NZ if committed in NZ

Question 4

Define proceeds

Answer 4

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

Question 5

Penalty of money laundering

Answer 5

S243(2)

Imprisonment not exceeding 7 years

Question 6

Elements:

Answer 6

• in respect of any property that is proceeds of an offence
• engages in 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 proceeds of an offence