Australia's Leading Lawyers in AML & Financial Crime

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 (Jas) Sekhon

Jaswinder (Jas) Sekhon

Managing Director

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 Nott

Mathew Nott

Practice Area Head Criminal Law Division

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.

Illicit

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.

Other Methods To Launder Money

  1. Trade-Based Money Laundering (TBML)

  2. Misuse of Banks

  3. Obscured beneficial ownership

  4. Misuse of Money Services Businesses (MSBs)

  5. Prepaid Access Cards

  6. Virtual currencies

  7. Purchase of real estate and other assets

  8. Opaque corporate structures

  9. Small-Dollar transactions

Money-Laundering Techniques & Targets

MONEY-LAUNDERING-80x80

Money laundering

‘Money laundering occurs on a global scale with proceeds of crime transferred between jurisdictions, commingled with legitimate monies and integrated into legitimate markets.’

Technology

Technology

‘As the rapid uptake of technology and the online environment grows, criminal groups and individuals exploit this as means to commit, facilitate or conceal criminality.’

IDENTITYCRIME

Identity Crime

‘Identity crime, although under- reported, is now among the most prevalent and constantly changing crime types.’

Professional-facilitator

Professional Facilitator

‘Increasingly, the globalised and complex nature of the financial sector, and the legislative and regulatory rules that govern it, make it necessary to engage professionals with specialist knowledge and skills.’

Offshore-service-providers

Offshore Service Providers

‘The anonymity afforded to clients of an OSP enables a range of criminal activity, including money laundering, and investment, superannuation and taxation fraud.’

Illegal-phoenix

Illegal Phoenix Activity

‘Illegal phoenix activities divert money that should be afforded to the Australian revenue and tax systems to criminal individuals through their businesses.’

Abusive-trusts

Abusive Use of Trusts

‘Criminal groups and individuals use trust funds to conceal criminal wealth, support criminal activity and launder illicit funds.’

High-value-commodities

High Value Commodities

‘Precious gems and metals, art and antiquities … present opportunities for organised crime and criminal entities to transfer and store illicit wealth.’

Alternative-banking-services

Alternative Banking Services

‘Alternative Banking Services (ABS) are used by individuals and companies to move funds around the world outside existing regulated banking frameworks.’

Cybercrime

Cybercrime

‘The global cybercrime market is a low risk, high return criminal enterprise.’

Revenue-taxation

Investment and Financial Market Fraud

‘Australia will continue to be a target for domestic and offshore investment fraud activities.’

Superannuation-fraud

Superannuation Fraud

‘Australia’s large pool of superannuation funds is an attractive target for criminal groups and individuals.’

Card-fraud

Card Fraud

‘The rise in card-not-present fraud correlates with the increase in popularity of online shopping and the associated increase in the storage of these details online.’

Health-fraud

Health and Welfare Fraud

‘….it is anticipated that the targeting of online government portals will increase and that these systems may possibly be breached by offshore entities.’

Why Goldman Lawyers?

Our firm has considerable experience in structuring planning defending and privately prosecuting where possible, corporations or individuals involved in such allegations or activity.

We have global expertise in -related aspects spanning over 35 years on such matters are usually highly sensitive and we welcome a confidential no obligation discussion with our principals or senior lawyers on such allegations or private prosecutions.

Money laundering and Serious financial crimes involve a multitude of laws and agencies and involves specialist and unique legal expertise

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