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Questions and Answers
What is the primary objective of the Placement Stage in money laundering?
What is the primary objective of the Placement Stage in money laundering?
- To move small amounts of money at a time to avoid detection
- To transfer money from legitimate financial institutions to cash-heavy businesses
- To create offshore companies and fund them with legally obtained cash
- To move dirty money into the legitimate financial system (correct)
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Study Notes
- Placement Stage is the first stage of money laundering.
- It involves moving dirty money into the legitimate financial system.
- Money launderers use various tactics during this stage.
- These include putting money into cash-heavy businesses and opening foreign bank accounts.
- They may also create offshore companies and fund them with illegally obtained cash.
- Moving small amounts of money at a time is also a common tactic.
- This stage is the most vulnerable for criminals.
- Anti-money laundering procedures focus on detecting illegitimate sources of funds.
- Money launderers try to avoid detection during this stage.
- Placement Stage is crucial for successful money laundering.
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