ACAMS Chapter 1 All Possible Questions and Answers 2025
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ACAMS Chapter 1
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ACAMS Chapter 1
The United Nations 2000 Convention Against Transnational Organized Crime, also
known as the
"Palermo Convention," defines money laundering as: 1. - ️️The conversion or
transfer of property, knowing it is derived from a criminal offense, for the
purpose of concealing or disguising its illici...
The United Nations 2000 Convention Against Transnational Organized Crime, also
known as the
"Palermo Convention," defines money laundering as: 1. - ✔️✔️The conversion or
transfer of property, knowing it is derived from a criminal offense, for the
purpose of concealing or disguising its illicit origin or of assisting any person who is
involved
in the commission of the crime to evade the legal consequences of his or her actions.
Formed in 1989 - ✔️✔️Financial Action Task Force (FATF)
Financial Action Task Force (FATF) is an - ✔️✔️inter-government body comprising the
group of Seven industrialized nations to set standards and foster international action
against money laundering.
The United Nations 2000 Convention Against Transnational Organized Crime, also
known as the
"Palermo Convention," defines money laundering as: 2. - ✔️✔️The concealment or
disguise of the true nature, source, location, disposition, movement, rights
with respect to, or ownership of property knowing that it is derived from a criminal
offense.
The United Nations 2000 Convention Against Transnational Organized Crime, also
known as the
"Palermo Convention," defines money laundering as: 3. - ✔️✔️The acquisition,
possession or use of property, knowing at the time of its receipt that it was
derived from a criminal offense or from participation in a crime.
Stage one of Money Laundering: Placement - ✔️✔️
Placement - ✔️✔️The physical disposal of cash or other assets derived from criminal
activity.
During this phase, the money launderer introduces the illicit proceeds into the financial
system.
Often, this is accomplished by placing the funds into circulation through formal financial
institutions,
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