Terms and Definitons

Question 1

What defines Money Laundering?

Answer 1

To move illegally acquired cash through financial systems so that it appears to be legally acquired.

Question 2

What are the 3 stages of Money Laundering?

Hint (P - L - I)

Answer 2

Placement

Layering

Integration

Question 3

What is the Placement stage of Money Laundering?

Answer 3

Moving the money into a legitimate financial system i.e. a bank account or offshore account.

Question 4

What is the Layering stage of Money Laundering?

Answer 4

Creating a complex web of transactions, to move the money around the financial system, by layering financial transactions.

This obscures the audit trail.

Question 5

What is the Integration stage of Money Laundering?

Answer 5

To integrate the illegal funds back into the legitimate financial system. This could be done through investing in property and other assets.

Question 6

What is the National Crime Agency?

Answer 6

A crime-fighting law enforcement agency responsible for pro-active operations against serious and organised crime.W

Question 7

What is Terrorist Financing?

Answer 7

The provision or collection of funds from legitimate or illegitimate sources with the intention or knowledge that terrorist acts will be carried out.