Money laundering can be defined quite simply since the process of filtering the proceeds of criminal activity through a series of balances or other financial products in order to give it apparent legitimacy or to make the origins difficult to trace.
Following an Euro Directive in 1991 on the avoidance of the laundering of money, two more important definitions were included in purchase to clarify the above definition:
— Property: This means assets of every kind, tangible or intangible, movable or even immoveable, as well as legal documents providing title to such assets.
– Criminal Activity: this means a criminal offense as specified in the Vienna meeting including any other criminal activity specified as such by each member state.
In 1987, the Financial Motion Task Force (FATF) on Money Laundering was created as an international organisation dedicated to combat the fight against lawbreaker money. The prevention of money laundering inside the financial industry has for a long while been an important objective of many governments around the world. The European commission play a significant role within the FATF with many of its EU member states making up a significant proportion its 30 members.
Profits of Crime Act 2002
The particular Proceeds of Crime Act 2002 saw a pooling together of the number of acts and amendments : Most notably, the act deals with the particular laundering of the proceeds of all kinds of crime.
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No longer were the earnings of drug-related crimes separated through all other forms.
In relation to reporting dubious money laundering activity, the new action also extends this again for all forms of crime – This acquired previously been restricted to drugs or terrorism offences.
Under the Proceeds associated with Crime act 2002 there are 3 principle money laundering offences:
: Concealing criminal property: This is basically property, which a person knows or even suspects to be the proceeds of any criminal activity.
– Arranging: Preparing when a person becomes involved in a process which they know or suspect can enable someone else to acquire, retain, make use of or control criminal property.
: Acquiring, using or possession: It is a criminal offence for a person to obtain, use or possess any property or home when that person knows or potential foods that the property is the proceeds associated with criminal activity.
Contravention of some of the money laundering rules is a criminal offence. In respect to financial experts and mortgage advisors, two regions of particular concern are:
– Failing to disclose: All suspicions of money washing must be reported to the authorities.
: Tipping off: It is a serious offence to disclose to a person who is suspected of money laundering that an investigation has been, or may be carried out.