{"id":696,"date":"2011-11-17T12:34:34","date_gmt":"2011-11-17T12:34:34","guid":{"rendered":"http:\/\/www.holdingpage.co\/?page_id=696"},"modified":"2011-11-17T12:35:31","modified_gmt":"2011-11-17T12:35:31","slug":"what-is-money-laundering","status":"publish","type":"page","link":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/ml-compliancy-training\/what-is-money-laundering","title":{"rendered":"What is Money Laundering?"},"content":{"rendered":"<p><a href=\"http:\/\/www.holdingpage.co\/index.php\/compliancy-training\/what-is-money-laundering\/attachment\/7\" rel=\"attachment wp-att-699\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-699\" title=\"7\" src=\"http:\/\/www.holdingpage.co\/wp-content\/uploads\/2011\/11\/7.jpeg\" alt=\"\" width=\"234\" height=\"190\" srcset=\"https:\/\/www.moneylaunderingcompliance.com\/wp-content\/uploads\/2011\/11\/7.jpeg 234w, https:\/\/www.moneylaunderingcompliance.com\/wp-content\/uploads\/2011\/11\/7-200x162.jpg 200w\" sizes=\"auto, (max-width: 234px) 100vw, 234px\" \/><\/a>This training is about the mandatory compliance to the UK anti-money laundering regime, since you are apart of the \u2018regulated sector\u2019 and you need to know more about \u201cwhat\u201d it is we are helping prevent.\u00a0 Finding out what \u2018money laundering\u2019 is all about is a good place to start. The following is a common definition taken from PoCA.<\/p>\n<p><em>Money laundering\u2019 is the process by which criminally obtained money or assets (this is known as criminal property) are obtained for \u2018clean\u2019 money or other assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.<\/em><\/p>\n<p>The HMRC Guidance goes on to explain that \u201cmoney laundering takes many forms including:<\/p>\n<ul>\n<li>handling the proceeds of crimes such as theft, fraud and tax evasion<\/li>\n<li>handling stolen goods<\/li>\n<li>being knowingly involved in any way with criminal or terrorist property<\/li>\n<li>entering into arrangements to facilitate laundering criminal or terrorist property<\/li>\n<li>investing the proceeds of crime into other financial products<\/li>\n<li>investing the proceeds of crime into the acquisition of property\/assets.<\/li>\n<\/ul>\n<p>The statutory definition of \u2018money laundering\u2019 is consistent with the HMRC definition but is more complex. It isolates the various constituent elements of the offence, including the degree of knowledge of the different parties concerned, and expands the circumstances in which money laundering is deemed to have taken place.<\/p>\n<p>An example of the dangers to staff in the regulated sector from the above definitions, is as simple as a member of staff will be guilty of a primary money laundering offence if he provides regulated services while turning a \u2018blind eye\u2019 to a customers\u2019 suspect dealings.<\/p>\n<p>So we can see, the term \u2018money laundering\u2019 can actually be quite misleading, it is not just money that is laundered, but it can also be all forms of \u2018property\u2019 that represents the \u2018proceeds of crime\u2019 either directly and indirectly. This has given rise to this traditional three stage view of the money laundering process;<\/p>\n<ul>\n<li>Placement \u2013 where cash from criminal activities is placed into the financial system. For example cash businesses or bureau de change.<\/li>\n<li>Layering- a complex systems of transactions to hide the source and ownership, for example asset purchase or money transmission and<\/li>\n<li>Integration \u2013 where the laundered funds are reintroduced back into the financial system appearing to have come from a legitimate source.<\/li>\n<\/ul>\n<p>The training will put this into a meaningful context over the rest of this section.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This training is about the mandatory compliance to the UK anti-money laundering regime, since you are apart of the \u2018regulated sector\u2019 and you need to know more about \u201cwhat\u201d it is we are helping prevent.\u00a0 Finding out what \u2018money laundering\u2019 is all about is a good place to start. The following is a common definition [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":612,"menu_order":22,"comment_status":"open","ping_status":"open","template":"training-page.php","meta":{"footnotes":""},"class_list":["post-696","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/comments?post=696"}],"version-history":[{"count":3,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/696\/revisions"}],"predecessor-version":[{"id":701,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/696\/revisions\/701"}],"up":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/612"}],"wp:attachment":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/media?parent=696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}