A money-laundering offence is committed where a person deals with cash or assets knowing or suspecting that they, or the original source of funds, were obtained by criminal activity. The purpose of money-laundering is to conceal the criminal source of funds, or to move funds out of reach of the relevant prosecutors or courts.
Examples:
Avoiding money laundering:
Do not deal with any money or other asset which you know or suspect may wholly or partly be the proceeds of a crime.
If you know or suspect that an activity involves money laundering, then avoid or withdraw from the activity and do not assist it in any way.
1st February 2024
© GIACC