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illegalities:money laundering

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › illegalities:money laundering

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • May 29, 2016 at 8:53 am #317898
    peshy
    Participant
    • Topics: 21
    • Replies: 29
    • ☆☆

    whats is layering?

    May 29, 2016 at 9:13 am #317905
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    The purpose of layering is to make it more difficult to detect money laundering.

    It is intended to make the tracing of illegal proceeds difficult

    There are two acknowledged methods:

    1) conversion of cash into financial instruments – for example, the purchase of bankers’ drafts or money orders which can then be sold

    This process is becoming more and more difficult as the law changes to make it obligatory for banks to disclose material transactions like this

    2) the purchase of substantial assets bought with cash then sold.

    Assets that are bought by using laundered money can be resold thus legitimising the proceeds of sale at the same time as making the tracing and seizure of those assets more difficult.

    OK?

    May 30, 2016 at 12:42 pm #318130
    peshy
    Participant
    • Topics: 21
    • Replies: 29
    • ☆☆

    thanks Mike

    May 30, 2016 at 12:52 pm #318136
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    You’re welcome

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