Money-laundering offences

In accordance with the information provided by International Money Laundering Information Bureau (IMLIB), there are 5 basic money-laundering offences.

The 1st offence is assisting another in order to retain the benefit of crime. This is when one person is involved in an arrangement with another one knowing or suspecting the other person’s involvement or benefiting from drug trafficking or criminal conduct, and this arrangement allows the other person to retain or control proceeds – either directly or indirectly – or to use the proceeds or to invest them for his benefit.

The 2nd offence is acquiring, possession and use of criminal proceeds. This is the offence of using or possessing property which can be reasonably suspected to be the proceeds of drug trafficking or criminal conduct, and having acquired this property cheaper than at full value. The offence prevents criminal proceeds being passed on by criminals to be enjoyed by third parties.

The next offence is concealing or transferring proceeds to avoid prosecution or a confiscation order (also called Own Funds money laundering). This offence is disguising, removing or transferring proceeds of drug trafficking or criminal conduct – either directly or indirectly – in order to avoid prosecution or help someone else do it.

Another money-laundering offence is failure to disclose knowledge or suspicion of money laundering, which relates only to drug trafficking and terrorism. This means that if a person gets to know or suspect something in the course of his trade or employment and does not report this information to police, he/she is guilty.

Finally, the last type of money-laundering offence is tipping off. It is required to report suspicions, however, this is efficient if the suspected is tipped off to the fact that he/she is under investigation. Therefore, tipping off is used to preserve the integrity of an investigation. This is when information which might prejudice the investigation is disclosed by someone who knows or suspects that either a police investigation into money laundering has begun or is about to begin, or the police have been informed of suspicious activities, or a disclosure has been made to another employee under internal reporting procedures.

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