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Questions and Answers
Which of the following best defines the term 'dirty money'?
Which of the following best defines the term 'dirty money'?
- Money contaminated with harmful bacteria
- Money belonging to a rap artist
- Money obtained through a legitimate business
- Money earned from illegal activities (correct)
What is the definition of money laundering according to FATF?
What is the definition of money laundering according to FATF?
- The process of transferring money from one bank account to another
- The process of making illegal money appear legitimate (correct)
- The process of converting legal money into assets that cannot be traced back to their legal source
- The process of obtaining money through criminal or corrupt sources
What is the consequence of engaging in money laundering according to the Proceeds of Criminal Conduct Act?
What is the consequence of engaging in money laundering according to the Proceeds of Criminal Conduct Act?
- A warning
- Imprisonment (correct)
- A fine
- Community service
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