Money Laundering & Criminal Proceeds (Recovery) Act 2009 Flashcards
Money Laundering- act / sections
243 Money laundering
(1)
For the purposes of this section and sections 243A, 244 and 245,—
act includes an omission
conceal, in relation to property, means to conceal or disguise the property; and includes, without limitation,—
(a)
to convert the property from one form to another:
(b)
to conceal or disguise the nature, source, location, disposition, or ownership of the property or of any interest in the property
deal with, in relation to property, means to deal with the property in any manner and by any means; and includes, without limitation,—
(a)
to dispose of the property, whether by way of sale, purchase, gift, or otherwise:
(b)
to transfer possession of the property:
(c)
to bring the property into New Zealand:
(d)
to remove the property from New Zealand
interest, in relation to property, means—
(a)
a legal or equitable estate or interest in the property; or
(b)
a right, power, or privilege in connection with the property
offence means an offence (or any offence described as a crime) that is punishable under New Zealand law, including any act, wherever committed, that would be an offence in New Zealand if committed in New Zealand
proceeds, in relation to an offence, means any property that is derived or realised, directly or indirectly, by any person from the commission of the offence
property means real or personal property of any description, whether situated in New Zealand or elsewhere and whether tangible or intangible; and includes an interest in any such real or personal property.
(2)
Subject to sections 244 and 245, every one is liable to imprisonment for a term not exceeding 7 years who, in respect of any property that is the 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 an offence.
(3)
Subject to sections 244 and 245, every one is liable to imprisonment for a term not exceeding 5 years who obtains or has in his or her possession any property (being property that is the proceeds of an offence committed by another person)—
(a)
with intent to engage in a money laundering transaction in respect of that property; and
(b)
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 an offence.
(4)
For the purposes of this section, a person engages in a money laundering transaction if, in concealing any property or by enabling any person to conceal any property, that person—
(a)
deals with that property; or
(b)
assists any other person, whether directly or indirectly, to deal with that property.
(4A)
Despite anything in subsection (4), the prosecution is not required to prove that the defendant had an intent to—
(a)
conceal any property; or
(b)
enable any person to conceal any property.
(5)
In any prosecution for an offence against subsection (2) or subsection (3),—
(a)
it is not necessary for the prosecution to prove that the defendant knew or believed that the property was the proceeds of a particular offence or a particular class of offence:
(b)
it is no defence that the defendant believed any property to be the proceeds of a particular offence when in fact the property was the proceeds of another offence.
(6)
Nothing in this section or in sections 244 or 245 limits or restricts the operation of any other provision of this Act or any other enactment.
(7)
To avoid doubt, for the purposes of the definition of offence in subsection (1), New Zealand law includes, but is not limited to, the Misuse of Drugs Act 1975.
Money laundering Elements
1) Placement - cash enters financial system ( offender sell drugs and then deposits proceeds into an associates bank account.
2) layering - money is involved in a number of transactions (associate transfers the money into an account held by a shell company, that the offender is the director)
3) Integration - money is mixed with lawful funds or integrated back into the economy with the appearance of legitimacy (money declared as revenue for a company, tax is paid and offenders pays themselves salary or directors fees)
Elements of Money laundering transaction:
S243(2) Crimes Act 1961
1) in respect of any property that is the proceeds of an offence
2) engages in a money laundering transaction
3) knowing or believing that all or part of the property is the proceeds of an offence
4) or being reckless as to whether or not the property as the proceeded of an offence.
Money laundering transactions- definition and section:
243(4):
For the purposes of this section, a person engages in a money laundering transaction if, in concealing any property or by enabling any person to conceal any property, that person—
(a)
deals with that property; or
(b)
assists any other person, whether directly or indirectly, to deal with that property.
