MONEY LAUNDERING & CRIMINAL PROCEEDS (RECOVERY) ACT 2009

Question 1

Conceal - Money Laundering

Answer 1

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.

Question 2

Deal with:

Answer 2

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 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.

Question 3

*Interest:

Answer 3

• 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.

Question 4

Offence:

Answer 4

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.

Question 5

Proceeds:

Answer 5

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.

Question 6

Property:

Answer 6

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.

Question 7

**Elements of section 243(2) CA 1961

Answer 7

• *Elements of section 243(2) CA 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 or an offence OR Being reckless as to whether or not the property is proceeds of an offence.

Question 8

Money laundering elements

Answer 8

Money laundering elements

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.

Question 9

[(4A) Despite anything in subsection (4), the prosecution is not required to prove that the defendant had an intent to -

Answer 9

[(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.

Question 10

**Tainted property

Answer 10

**Tainted property

(a) means any property that has, wholly or in part, been— (i) acquired as a result of significant criminal activity; or (ii) directly or indirectly derived from significant criminal activity; and
(b) includes any property that has been acquired as a result of, or directly or indirectly derived from, more than 1 activity if at least 1 of those activities is a significant criminal activity.