The Prevention of Money Laundering Activities
According to the Oxford Dictionary, Money Laundering means “the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses”.
Law of the Prevention of Money Laundering describes that every person who knows or ought to have known that any kind of property constitutes proceeds from the commission of a predicate offence carries out the following activities:
Converts/transfers/removes such property for the purpose of concealing or disguising its illicit origin or of assisting in any way any person who is involved in the commission of the predicate offence to carry out any of the above actions or acts in any other way in order to evade the legal consequences of his actions:
- Conceals or disguise the true nature, the source, location, disposition, movement of and rights in relation to, property or ownership of this property
- Acquires/possesses or uses such property
- Participates in/associates/co-operates/conspires to commit and provides counseling and advise for the commission of any of the offences referred to the above
- Provides information in relation to investigations that are carried out for laundering offences for the purpose of enabling the person who acquired a benefit from the commission of a predicate offence to retain the proceeds from the commission of the said offence
àCommits an offence punishable by 14 years imprisonment or by a pecuniary penalty of up to €500.000 euros or by both of these penalties.
Predicate offences are the following:
- All criminal offences
- Financing of terrorism
- Drug trafficking offences