NZ Customs Flashcards
How does trade-based money laundering occur in practice?
Through the misrepresentation of the price, quantity or quality of imports or exports
http://www.fatf-gafi.org/publications/methodsandtrends/documents/trade-basedmoneylaundering.html
What are trade based money laundering techniques commonly used in combination with?
Other money laundering techniques
Why are trade based money laundering techniques commonly used in combination with other money laundering techniques?
To further obscure the money trail
Other than trade-based money laundering techniques, what are the other two main methods of money-laundering?
Used of the financial system and the physical movement of money
http://www.fatf-gafi.org/publications/methodsandtrends/documents/trade-basedmoneylaundering.html
If art work is used for trade-based money laundering, what difficulties does that pose for authorities?
Given that the price of artwork is subjective, there are challenges for authorities in proving that the price involved was too hide funds?
https://www.trulioo.com/blog/trade-based-money-laundering/
What does NRA stand for with respect to the AML/CFT Act 2009?
National Risk Assessment (NRA) and a support document under the AML/CFT Act 2009.
Who prepares the National Risk Assessment (NRA)?
The Financial Intelligence Unit of the New Zealand Police
Businesses operating in the financial, legal, property, and __________________ markets are at the frontline for countering illicit activity in New Zealand.
http://www.police.govt.nz/sites/default/files/publications/fiu-nra-2018.pdf
high value goods
With respect to high value goods, what sort of person needs to comply with the AML /CFT Act?
- People who accept or make cash payments of $15,000 or more in one transaction;
- Accept or make a series of related cash payments that total $15,000 or more.
