Summary
Summary Money Laundering notes
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Notes on money laundering which is covered in the second semester
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MONEY LAUNDERING"
1 to hide ISO
Money Laundering = an attempt the origins of unlawfully obtained money called
dirty
-
money
"
) and make it appear as though it came from a
legal source .
>
EXAMPLES :
Drug trafficking Ransom money
◦
◦
Terrorist obtained from illegal deals
funding Money
◦ ◦
◦
Arms sales } smuggling ◦
computer fraud schemes
◦
Prostitution rings • Insider
trading & other corrupt activities .
* St of the Financial Intelligence Centre Act 38 Of 2001 defines :
"
" " "
money laundering or
money laundering activity means an
activity which has or is
likely to have
the effect of of the
concealing or
disguising the nature, source , location , disposition or movement
proceeds of unlawful activities interest which anyone has such proceeds and includes
or
any in ,
any
activity which constitutes an offence in terms of Sec 64 of the Financial Intelligence Centre Act or
Sec 4,5 ,
or 6 Of the Prevention Act .
A of
performing
>
money Laundering offence , :-, may be described as the
any act that
may result in
of
concealing the nature of the proceeds of crime or
enabling a person to avoid prosecution or in the
diminishing of the crime .
>
In situations where
money laundering occur , the transaction contract which gives rise to the
unlawfully
unlawful
Obtained money IS and Is Invalid Or Void Clue to Illegality .
> The same applies to further transactions entered into with the money .
(1) ( Il )
Placement :
moving the
illegally obtained
>
Layering : the launderer engages in a series of
p
from origins to remove conversations / movements to distance himself from
money its so as
the association of the the illegal origins of the
money and he moves the
crime money to a different location .
3 STAGES OF
MONEY LAUNDERING :
1111 )
Integrating the
money back into a financial system often , by purchasing luxury items, by investing in
property or
making investments in business ventures .
' The
money enters the legitimate economy .
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