17.Money_Laundering.pdf

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A way in which criminals attempt to turn cash and
other assets obtained from criminal conduct into
genuine assets, in an effort to disguise the original
source of the assets.
The offence requires either honest belief or reckless
disregard that the property is proceeds of criminal
conduct.
Indictment
: imprisonment up to
14 years and/or unlimited fine
Summarily
: imprisonment up to
12 months or a fine up to €5.000
Failure to Report the
knowledge/suspicion of
money laundering
Concealing or disguising the true nature, source, location,
disposition, movement or ownership of the property or any
rights relating to the property
Defined as
Converting, transferring, handling , acquiring, possessing or
using the property
Removing the property from, or bringing the property into the
State
Criminal Justice (Money
Laundering and Financing
Terrorism) Act 2010
Sanctions
Money
Laundering
Offences related to
money laundering
Phases of
money
laundering
process
Placement
: the initial disposal of the proceeds of criminal
activity into an apparently legitimate business activity or
property
Layering
: involves the transfer of money from business to
business, or place to place in order to conceal its initial
source
Integration
: culmination of the previous procedures through
which the money takes on the appearance of coming from a
legitimate source
Tipping off disclosing
information to anyone that may
prejudice the investigation into
the criminal offence
There is a set of preventative
procedures required by the
Central Bank
that all companies
must comply with
Financial institutions
: banks, building
societies, funds, fund service providers,
money lenders, life assurance companies
Credit institutions and providers
: An
Post, credit unions, stockbrokers
Firms and professionals
including:
accountants, auditors, tax advisors,
legal advisors, auctioneers and estate
agents, gambling activities providers
Establishing a business
relationship with the customer
Obligations on others to
When an auditor comes to the opinion that a
counteract money
company have committed money laundering,
laundering
he must notify the ODCE, the Garda Siochana
and the Revenue Commissioners.
Establish the identity of customers based on reliable documents
or information (e.g. documents from a government source)
Identify any beneficial owner connected with the
customer/service concerned (e.g. a company)
Obtain information in relation to the purpose
and nature of the business relationship
Monitor dealings with a customer to ensure the source of
wealth/funds for those transactions is legitimate
Designated persons
are obliged to
guard their businesses against
being used for money laundering or
terrorist financing purposes.
Due diligence
requires them to
Those designated bodies are
required to undertake customer
due diligence
prior to
The level of due diligence
will be determined using a
risk based approach
Providing a service
Engaging in an occasional
transaction in excess of €15.000

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