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Money Laundering Assignment
Question 1. Discussion on money laundering
Solution:
Introduction
With criminals in disguise, money laundering has become a growing concern. The unethical conduct of such criminals is the sole reason to transform legitimate money into an illegal manner. The purpose of this paper is to explore more on how money laundering happens and the laws available to tighten such activities.
Money laundering
Money laundering generally happens when criminals offer financial services to people or when the client's money is misused and wrongly reported. Until a person gets suspicious about the financial service provider, the latter continues to sustain in the business and build relationships. While it is an offense, many consider it to be a business opportunity and tend to benefit from this criminal conduct (APG, 2017). The problem has become global and is requiring the support of law enforcers to fasten the punishment issued to the guilty.
What is even shocking about money laundering is how it supports terrorist attacks, drug trafficking and illegal gambling activities. A lot of wealthy people tend to mislead others by manipulating the finances.
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Question 2. Explanation of various forms of money laundering
Solution:
Forms of money laundering
Smuggling - This is the traditional form of laundering where cash is captured from one jurisdiction and deposited in another that ensures secrecy and does not have strict laws. This physical smuggling happens globally in large numbers.
Required by law (structuring) - Huge amount is split into different smaller amounts and deposited in banks. As per the law, such money launderers feel that this mode cannot create suspicion. Sometimes, the smaller amounts are also used for purchases.
Trade based laundering - By either over valuing or undervaluing an invoice, launderer finds an opportunity to gain hold of more money and take advantage of the financial movement without rupturing identity.
Cash intensive businesses - Some businesses encourage receipt of revenues in the form of cash and this method can be used to display legitimacy.
Shell companies - The launderer acts as a fictitious owner and makes an illegitimate use of money and there is no business entity behind in this process(APG, 2017).
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Question 3. Process of money laundering - Five process
Solution:
Process of money laundering
Creating appearance - Money launderers tend to create a corporate look that guarantee reliability and trustworthiness. This concept of creating appearance allows them to involve in more such illegal acts without having to worry about suspicions.
Transforming profit - Many business owners prefer to transform profits into products or black salaries or gambling activities so that the company account statement does not report any money laundering act.
Disguising - This is the common process where the money launderer plays a role of someone trustworthy and performs financial manipulations with utmost secrecy.
Reporting less income to pay less tax - This process is widely followed by public as they believe that a lower income can lead to lower or negligible tax values(APG, 2017). As a result, assets and other cash possessions remain unreported.
Pretending to be an owner -People in trusts and shell companies tend to pretend to be the owner of someone else's assets and launder the profits or returns. The money is then smuggled by transferring to a financial institution of launderer's choice.
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Question 4 Anti-money laundering law
Solution:
Anti-money laundering law
Due to the growing number of money laundering activities around the world, anti-money laundering laws have been implemented since 1989. The purpose of these laws is to eliminate the chances of disguising the illegally secured money. Financial action task force (FATF) has taken the responsibility to prevent money laundering.
Money laundering and terrorism financing
According to FATF, the illegal money is used to sponsor a terrorist act and encourage normal citizens into terrorists. It is also believed that money launderers have actually financed the entire scene of September 11 attack and many other financial institutions have played illegal roles to result in a controversy.
People with no criminal backgrounds are tapped to carry out financial transactions. They are informed that the transactions reach charities and are completely legal. At the end, such transactions reach terrorists and allied organizations like ISIS and criminal activities carry out irrespective of the tightened laws in place.
Bulk cash smuggling is the form used here. US has implemented Operation Green Quest to watch the fund movements closely and report in case of suspicious activities.
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Question 5.CBO articles with application of legal proceedings - Five CBO Articles
Solution:
CBO articles
Article 6: Any person who already knows about the criminal aspect of a fund movement but is either directly involved or not in the money laundering stands illegal as per the court of law. This only informs about the disguise or possession of funds without informing others about the same.
Article 10: CBO states that a person who tries to support or consent to a money laundering activity shall be treated as the primary or original offender. As a result, the person is liable to answer in the court and will be punished legally. Whether the crime is committed on his/her name or not, it does not matter.
Article 34: It is essential for financial institutions to operate with due diligence when the case risk value is high (CBO, 2016). Further, it is mandatory to supervise the transactions in detail with the help of competent supervisory authorities.
Article 35: It is illegal for financial or non financial businesses and professions to open an anonymous account or entertain secret codes for their respective accounts. When they either engage or offer such services to the accounts, they are punishable under law. This applies to non-profit associations as well.
Article 88: A person who has committed a money laundering activity is imprisoned between 5 and 10 years with a fine of at least RO 50,000 if the source of crime is known. Should the person know that the funds are to support a crime; the person is imprisoned between 6 months and 3 years with a fine of at least RO 10,000 (CBO, 2016).
Conclusion
It has become difficult for the financial organizations to supervise and closely monitor the transactions as the degree of money laundering activities is high. The best solution is to employ competent resources who can work as per law and report so that such instances can be controlled.
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