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Questions and Answers
What is the defense available to a person involved in money laundering if they make a disclosure to the authorities?
What is the defense available to a person involved in money laundering if they make a disclosure to the authorities?
- Both a and b
- If they can show there was a reasonable excuse for not making a disclosure (correct)
- Before the transaction takes place
- As soon as possible after the transaction
What is the maximum prison sentence for failure to report knowledge or suspicion of money laundering?
What is the maximum prison sentence for failure to report knowledge or suspicion of money laundering?
- 10 years
- 14 years
- 5 years (correct)
- 7 years
What is the term used for the process of putting 'dirty money' into the legitimate financial system?
What is the term used for the process of putting 'dirty money' into the legitimate financial system?
- Concealment
- Conversion
- Placement (correct)
- Transfer
What is the term for disclosing information to anyone which may damage or harm a money laundering investigation?
What is the term for disclosing information to anyone which may damage or harm a money laundering investigation?
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What must a person who suspects money laundering do in terms of disclosure?
What must a person who suspects money laundering do in terms of disclosure?
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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.
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