Money Laundering Acts Quiz

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What is the official definition of money laundering according to the IMF?

The washing of illegal funds to make them appear as clean income

The legitimate processing of criminal proceeds to disguise their illegal origin

A method to legally transfer criminal proceeds without origin disclosure

A process to obscure the link between dirty money and its criminal source (correct)

Which historical figure and event is associated with the term 'money laundering'?

President Nixon and the illegal campaign financiers

Chicago mobsters and Al Capone in the 1920s (correct)

Nixon and the Chicago Mobsters

Al Capone and the Watergate Scandal

How is money laundering linked to illegal activities?

By openly transferring illegal funds across borders

By conducting legitimate financial transactions

By making dirty money appear as legal income (correct)

By disclosing the original source of funds

What was the role of Al Capone in the practice of money laundering?

He popularized the concept of disguising criminal proceeds Signup and view all the answers

In the context of money laundering, what does it mean to 'launder' money?

To legalize illegally obtained funds Signup and view all the answers

How does money laundering make it difficult to trace the original source of funds?

By obscuring the link between dirty money and its source Signup and view all the answers

What does Article 5(3) of the UN Convention against Transnational Organized Crime prohibit countries from invoking?

Bank secrecy provisions Signup and view all the answers

What specific crimes are addressed in the UN Convention against Transnational Organized Crime (UNCTOC)?

Money laundering, obstruction of justice, corruption, and participation in organised crime groups Signup and view all the answers

What empowers courts to order bank, financial, or commercial records to be made available or seized?

Article 5(3) of the UN Convention Signup and view all the answers

Which of the following was not a Protocol that supplemented the UN Convention against Transnational Organized Crime?

Protocol against Trafficking in Children Signup and view all the answers

What is the main purpose of the UN Convention against Transnational Organized Crime and its Protocols?

Co-operation in preventing and combating transnational organized crime Signup and view all the answers

How does Article 6 of the UN Convention against Transnational Organized Crime (UNCTOC) differ from Article 3 of the Vienna Convention?

Article 6 has a wider application dealing with the proceeds of crime generally, unlike Article 3. Signup and view all the answers

In the context of the UN Convention against Transnational Organized Crime (UNCTOC), which article deals with the prevention and prosecution of various offences, including money laundering?

Article 6 Signup and view all the answers

What are states parties required to do under Article 6 of the UN Convention against Transnational Organized Crime (UNCTOC)?

Adopt legislative measures to establish criminal offenses related to money laundering Signup and view all the answers

What was a significant change brought about by the UN Convention in relation to banks' use of confidentiality?

Banks can no longer use confidentiality as an excuse to withhold some information Signup and view all the answers

According to Article 6 of the UN Convention against Transnational Organized Crime (UNCTOC), what is considered a criminal offense when committed intentionally?

Concealment or disguise of the true nature of property proceeds Signup and view all the answers

Which action does the UN Convention prohibit a Party from declining on the grounds of bank secrecy?

Declining to act under certain provisions to combat crime Signup and view all the answers

What is a key difference between the Vienna Convention and the UN Convention against Transnational Organized Crime (UNCTOC) in relation to money laundering?

Vienna Convention explicitly mentions money laundering as an offense, while UNCTOC does not. Signup and view all the answers