Aspects of Anti-Money Laundering and Terrorist Financing

Aspects of Anti-Money Laundering and Terrorist Financing: It is the process by which criminals conceal the true origin and ownership of the proceeds of drug trafficking or other criminal activity.

A common misconception in relation to Money Laundering is that it only relates to theft, drug or similar offences.

It might also be:

Tax evasion
Financial fraud and deception
Theft

To be guilty of money laundering a person must know or believe the property involved is or probably is the proceeds of criminal conduct or be reckless as to whether the property is the proceeds of criminal conduct.

Terrorist Financing

Funds intended to finance an act of terrorism.
Links between terrorist groups and organised criminal gangs.
Includes converting, transferring, handling, acquiring, possessing or using the property that is the proceeds of criminal conduct.

There must be intention or knowledge in providing or collecting funds for the purposes of financing terrorism, in order for there to be an offence.

Designated Persons

Mortgage Intermediaries and intermediaries by virtue of their registration as Insurance Intermediaries who provide Life Assurance or other investment related services are deemed to be “Designated Persons”.

Note: Intermediaries only operating in the General Insurance market do not fall under the CDD requirements.

Designated Persons must have internal policies and procedures to reflect the requirements of the legislation in relation to the following areas: