One More Time Flashcards
Money laundering- offence
Means an offence (or any offence described as a crime) that is punishable under nz law, including any act, wherever committed, that would be an offence in NZ if committed in NZ
Money laundering 243(2)
Subject to 244 and 245, everyone 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 proceeds of an offence,
Or being reckless as to whether or not the property is the proceeds of an offence
In respect of any property that is the proceeds of an offence
Property is defined as tangible or intangible and interests in real or personal property within or outside nz
Includes offences, acts, omissions committed overseas that would be an offence in nz if committed in this country
Engages in a money laundering transaction
One must conceal property or enable another to conceal the property and then also deal with the property or assist with such dealing
This includes disposing or transferring the property, bringing or removing the property from nz, or changing it from one for to another ie purchasing a vehicle
Knowing or believing that all or part of the property is the proceeds of an offence
Knowledge is proven via direct evidence eg. Admission and / or circumstances evidence
Knowledge must exist when the property is dealt with (r v Kennedy)
Or being reckless as to whether or not the property is the proceeds of an offence
Recklessness is the conscious and deliberate taking of an unjustified risk (Cameron)
Tainted property - section 5 criminal proceedings (recovery) act 2009
Means any property that has wholly or in part been
- acquired as a result of significant criminal activity
- directly or indirectly derived from significant criminal activity
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
Unlawfully benefited from criminal activity
In this act, unless the context otherwise requires,
A person has unlawfully benefited from significant criminal activity if the person has knowingly, directly or indirectly
Derived a benefit from significant criminal activity (whether or not that person undertook or was involved in the significant criminal activity)
Suspect interview of money laundering
- suspects legitimate income
- Suspects illegitimate income
- expenditure
- assists
- liabilities
- acquisition of financial records from banks financing companies, loans sharks, family trust documents
- clarification of documentary evidence located as per above
Placement
Cash enters the financial system
And offender makes money from selling cannabis and then deposit these proceeds into an associates bank account
Layering
Money is involved in a number of transactions
The associate transfers the money into an account held by a shell company that the offender is the director of
Integration
Money is mixed with lawful funds or integrated back into the economy with the appearance of legitimacy
The money is declared as revenue for the company tax is paid and then the offender pays himself director fees or a salary out of the company account
Significant criminal activity
In this act unless the context otherwise requires, significant criminal activity means and activity engaged in by a person that if proceeded against as a criminal offence would amount to the offending
That consists of all includes one or more offence punishable by a maximum term of five years imprisonment
From which the property proceeds or benefits of a value of $30,000 or more have directly or indirectly been acquired or derived
