MONEY LAUNDRING Flashcards

1
Q

is a crime whereby the proceeds of an UNLAWFUL ACTIVITY ARE TRANSACTED, thereby making them appear to have originated from legitimate sources.

A

Money laundering

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2
Q

is also COMMITTED BY ANY COVERED PERSON who, knowing that a covered or suspicious transaction is required under this Act to be reported to the Anti-Money Laundering Council

A

Money laundering

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2
Q

is committed by any person who, knowing that any MONETARY INSTRUMENT or property represents, involves, or relates to the proceeds of any unlawful activity

A

Money laundering

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2
Q

REPUBLIC ACT NO. 9160 otherwise known as the?

A

Anti-Money Laundering Act of 2001

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2
Q

AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9194 and 9160

A

REPUBLICT ACT NO. 10365

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3
Q

Anti-Money Laundering Act of 2001 was approved on

A

September 29, 2001

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3
Q

Money Laundering Process:

A
  1. Placement
  2. Layering
  3. Integration
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4
Q

AN ACT AMENDING REPUBLIC ACT NO. 9160

A

REPUBLICT ACT NO. 9194

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5
Q

The aim is to REMOVE CASH from the location of acquisition to avoid detection.

A

Placement

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5
Q

The final stage in the process at which the MONEY IS INTEGRATED into legitimate economic and financial systems and is assimilated with all the other assets in the system.

A

Integration

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6
Q

Separating illicit proceeds from their source by CREATING COMPLEX LAYER of financial transactions designed to disguise the source of money, subvert the audit trail and provide anonymity

A

Layering

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6
Q

The physical disposal of cash proceeds derived from the UNLAWFUL ACTIVITY

A

Placement

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7
Q

The purpose is to disassociate the illicit proceeds from the unlawful activity by creating intentionally a COMPLEX WED OF FINANCIAL transactions aimed at concealing any audit trail as well as the source and ownership of funds.

A

Layering

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