Money Laundering
Zareen Mashral
Created on August 16, 2023
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Transcript
LAUNDERING
M O N E Y
Money laundering - cleaning ‘dirty’ assets to make them look clean.
3 LEVELS IN MONEY LAUNDERING:
- Placement - placing illegal funds in several places. Example: depositing illegal money in several bank accounts.
- Layering - transfer or hide illegal money through legal transactions. Example: Illegal money is transferred from bank account to a legal business.
- Integration - Illegal money and legal money are combined. Example: Illegal money that has been invested in a business yields profits.
- For corruption offences, in addition to being prosecuted under MACC Act 2009, those involved may also be charged with money laundering.
- All corruption offences are predicate offences as per the Second Schedule (Definition of Serious Offence), Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) 2001.
- Thus, any transaction involving proceeds from corruption can be categorised as a money laundering crime.
In a corruption case, corruption money is used for the following purposes:- To buy assets and luxury items like house, cars, wrist watches and handbags.- To be deposited or invested in financial/ investment institutions such as fixed deposit, ASB, Tabung Haji and the like.
- This illustration explains how the money laundering crime happens.
- The criminal gains proceeds from unlawful activities.
- Examples of unlawful activities - corruption, stealing, robbery, fraud, breach of trust, receipt of illegal deposit and such.
- The illegal proceeds are used to buy assets, deposited in banks and investment.
- Each transaction is a money laundering crime.
- SENTENCE: Excerpt from Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFAPUAA) 2001.
- The spirit of this provision is to:
- Detect proceeds gained from unlawful activities
- Avoid proceeds of unlawful activities from being hidden and stolen by criminals
- Retrieve (seize) proceeds of unlawful activities for the government.