5 Questions
What is the defense available to a person involved in money laundering if they make a disclosure to the authorities?
If they can show there was a reasonable excuse for not making a disclosure
What is the maximum prison sentence for failure to report knowledge or suspicion of money laundering?
5 years
What is the term used for the process of putting 'dirty money' into the legitimate financial system?
Placement
What is the term for disclosing information to anyone which may damage or harm a money laundering investigation?
Tipping Off
What must a person who suspects money laundering do in terms of disclosure?
Disclose to a nominated officer within their organization
Study Notes
Money Laundering Defense and Disclosure
- A person involved in money laundering can use disclosure to the authorities as a defense.
- Failure to report knowledge or suspicion of money laundering can lead to a maximum prison sentence.
Money Laundering Terminology
- The process of putting 'dirty money' into the legitimate financial system is called laundering.
- Disclosing information to anyone that may damage or harm a money laundering investigation is known as tipping off.
Disclosure Obligations
- A person who suspects money laundering must disclose their suspicion to the authorities.
- They must not disclose information to anyone else, as this could be considered tipping off.
Test your knowledge of money laundering with this quiz. Explore the key concepts and legal implications of acquiring, concealing, and transferring proceeds of criminal conduct. Learn about the importance of disclosing suspicious transactions to the authorities.
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