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Money Laundering and Proceeds of Crime Offences Definitions Quiz

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Money Laundering and Proceeds of Crime Offences Definitions Quiz

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Questions and Answers

What is the maximum penalty for money laundering if the value does not exceed $1000?

Up to 2 years in prison (correct)

Up to 10 years in prison

Fine up to $2000

Up to 6 months in prison or both

Which of the following entities or sectors is NOT listed as a Reporting Entity under FINTRAC?

Security Dealers

Real Estate Developers

Software Companies (correct)

Insurance Companies

What is one thing that FINTRAC cannot do?

Freeze bank accounts regardless of evidence obtained (correct)

Act as the lead agency in an investigation

Demand immediate submission of threshold-based reports

Mandate reporting entities to submit reports

Which of the following actions is considered a crime under CC 462.31 related to money laundering?

Sending funds knowing they were obtained through criminal activity Signup and view all the answers

What is a noted trend that might raise suspicion of money laundering according to the text?

Wired funds paid for in one currency and sent as another without exchange calculation Signup and view all the answers

What was added to CC 462.31 in 2019 to expand the scope of money laundering prosecutions?

'Reckless as to whether' property or proceeds were derived from crime Signup and view all the answers

What is the key difference between the Criminal Code and Controlled Drugs and Substances Act definitions of 'proceeds of crime'?

The Criminal Code definition applies to any indictable offence, while the CDSA definition is limited to designated drug offences. Signup and view all the answers

According to Section 462.3 of the Criminal Code, what is prohibited?

Possessing any proceeds of property obtained through the commission of an indictable offence, knowing it was derived from an offence. Signup and view all the answers

What is the threshold for treating the possession of proceeds of crime as an indictable offence under the Criminal Code?

If the value of the property or proceeds exceeds $1,000. Signup and view all the answers

Which of the following is included in the definition of a 'designated offence' under the Criminal Code?

Any offence that may be prosecuted as an indictable offence, except those prescribed by regulation. Signup and view all the answers

Under the Criminal Code, what is considered 'proceeds of crime'?

Any property, benefit, or advantage obtained directly or indirectly from the commission of a designated offence, within or outside Canada. Signup and view all the answers

What is included in the definition of a 'designated offence' under the Criminal Code?

A conspiracy, attempt, being an accessory after the fact, or counselling in relation to an indictable offence. Signup and view all the answers