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Over 30 Years Of Local and Global Experience
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Money Laundering & Proceeds Of Crime
Money laundering in many jurisdictions are seen as a predicate offence, in other words it is a premiered to other more serious offences.
In Division 400 of the Criminal Code act 1995, is broadly defined to include more than just concealing the proceeds or instruments of crime. The Criminal Code makes it an offence to ‘deal with’ the proceeds of crime or an instrument of crime.
‘Deal with’ is defined as a person receiving, possessing, concealing or disposing of money or other property as well as importing, exporting or engaging in a banking transaction relating to money or other property.
Third Parties With No Knowledge?
Where a third party receives money which is the proceeds of crime (such as a shopkeeper carrying on their normal business) and the person has no knowledge of that fact, receipt of the money does not constitute an offence under the Criminal Code.
Globally, In Excess Of $800 Billion
Money laundering is the process where profits that are derived from criminal activities are given the appearance of coming from a legitimate source. Money laundering generally involves three steps:
Placing illicit proceeds into the financial system;
Layering, or the separation of the criminal proceeds from their origin; and
Integration, or the use of apparently legitimate transactions to disguise the illicit proceeds.
Money Laundering Threats
Criminals employ a host of methods to launder the proceeds of their crimes. Those methods range from the use of cash, to more modern innovations that make use of emerging technologies.
Our Senior Criminal Lawyers
Jaswinder has a fresh revitalizing approach to law which has led to outstanding results. Admitted to practice as a solicitor/barrister in four countries, with over 30 years’ experience in wealth, finance, tax, trusts, funds, and structures. Jas equally enjoys strategic work for clients in disputes, emerging, criminal or family law.
Mathew handles the tough charge negotiation with police and brings innovate thinking to defending our clients in Court. His record is outstanding. He will stand shoulder to shoulder with you from the beginning to the end of your matter.
Cash is conducive to money laundering as it is portable, used around the world, and difficult to trace. It can relatively easily be smuggled in packages or vehicles, which can also take place across borders.
The most significant single source of Illicit substance cash is drug smuggling, due to cash being used by customers to purchase drugs at a street level, as well as by dealers and other distributors who also purchase drugs from wholesalers using cash.
Other cash-intensive sources of illicit income include human smuggling, bribery, contraband smuggling, extortion, fraud, illegal gambling, kidnapping, and prostitution.
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