Anti-Money Laundering Certificate 137 Questions with 100% Correct Answers | Updated & Verified

Money Laundering - ️️The process of making dirty money look clean. Criminals disguise the source of funds, changing the form or moving the money to a place where it is less likely to attract attention. The process of money laundering can be broken down into three stages: Placement, Layering and Integration. UN 2000 Convention Against Transnational Organized Crime - "Palermo Convention" def. of Money Laundering - ️️1. The conversion of property for the concealment of its origin 2. The concealment of the true nature of the property 3. The acquisition/use of property All three need: KNOWING it was derived from a criminal offense Importance of "KNOWING" in money laundering - ️️You have to prove knowing in money laundering. The intent and knowledge required to prove the offense of money laundering includes the concept that such a mental state may inferred from "objective factual circumstances." Willful Blindness - ️️This is the deliberate avoidance of knowledge of the facts or purposeful indifference and have held that willful blindness is the equivalent of actual knowledge of the illegal source of funds or the intentions of a customer in a money laundering transaction. Difference of ML and Terrorist Financing - ️️The funds destined for money laundering are derived from criminal activities while the funds of terrorist financing may include funds from perfectly legitimate sources. Concealment of funds used for terrorism is primarily designed to hide the purpose for which these funds are used, rather than their source. Placement - ️️Stage one of money laundering. This is the physical disposal of cash or other assets derived from criminal activity. During this phase the money launderer introduces the illicit proceeds into the financial system. Often, this is accomplished by placing the funds into circulation through formal financial institutions, casinos, and other legitimate businesses, both domestic and international.