Money Laundering/Criminal Proceeds Act

Question 1

Three stages of money laundering cycle

Answer 1

Placement: cash enters the financial system
Layering: money is involved in a number of transactions
Integration: money is mixed with lawful funds of integrated back into the economy

Question 2

Proceeds definition

Answer 2

In relation to an offence, any property that is derived or realized, directly or indirectly, by any person from the commission of the offence

Question 3

What is an offence with respect to money laundering

Answer 3

means any offence that is punishable under new zealand law, including any act, wherever committed, thaty would be an offnece in new zealand if committed in new zealand

Question 4

What is the purpose of an assessment process in CPA

Answer 4

to determine:
- value of the asset
- equity of the asset
- third part interest in the asset
- cost of action in respect of the asset

Question 5

Tainted property definition

Answer 5

any property that has, wholly or in part, been -
acquired as a result of significant criminal activity, ot
- directly or indirectly derived from significant criminal activity

Question 6

Four points prove money laundering

Answer 6

• dealing with property
• source of property is proceeds of an offence (5 yes impr)
• knowin property if proceeds of above
• intention to conceal that property

Question 7

Unlawful benefitting from significant criminal activity?

Answer 7

Unlawful benefit as soon as recieve cash from purchases; how deal with cash is irrelevant

Question 8

Tainted property definition

Answer 8

• means any property that has wholly or in part been:
  acquired as a result of significant criminal activity, or
  directly or indirectly derived from significant criminal activity

Question 9

meaning of unlawful benefit?

Answer 9

a person unlawfully benefitted rom significant criminal activity if the person has knowlingly, directly or indirectly, derived a benefit from significant criminal activity

Question 10

money laundering knowledge and beleif?

Answer 10

must prove offender has knowledge or beleif that the property was the proceeds of any serious offence, or reckless as to whether it was the proceeds of such an offence

Question 11

what must the high court satisfy when making a profit foprfeiture?

Answer 11

m,ust satisfy on the balance of probabilities that:
- responded has unlawfully benefitted from significant criminal activity
- the respondent has interests ion the property

Question 12

what must occure before criminal proceeds action taken?

Answer 12

restraining order
application to show RGTB property acquired from significant criminal activity