11 Questions
What is the primary objective of money laundering?
To avoid detection
How does terrorist financing differ from money laundering in terms of motivation?
Terrorist financing is profit-seeking, while money laundering is ideological.
Which method is common to both money laundering and terrorist financing?
Layering
What is the process of separating illicit proceeds from their source by layers of financial transactions intended to conceal the origin of the proceeds?
Layering
What is the illegal act of splitting cash deposits or withdrawals into smaller amounts to stay under a currency reporting threshold?
Structuring
What is the process of re-entering laundered funds into the economy in what appears to be normal business or personal transactions?
Integration
What method involves the use of multiple individuals and/or multiple transactions for making cash deposits, buying monetary instruments, or bank drafts in amounts under the reporting threshold?
Smurfing
Which of the following actions is considered as part of money laundering according to the text?
Concealing the true nature of monetary instruments or property
What is commonly called the predicate crime that generates dirty money or property?
Comprehensive Dangerous Drugs Act
What happens if a 'covered person' who knows that a covered or suspicious transaction is required to be reported to the AMLC fails to do so according to the text?
They are in violation of the AMLA
Which of the following offenses is NOT listed as an unlawful activity under AMLA according to the text?
Kidnapping for ransom
Test your knowledge about the various ways in which individuals can be involved in money laundering offenses, including transacting, concealing, and attempting to commit such offenses.
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