What is the placement stage of money laundering?
The first stage of money laundering is known as ‘placement’, whereby ‘dirty’ money is placed into the legal, financial systems. After getting hold of illegally acquired funds through theft, bribery and corruption, financial criminals move the cash from its source.
What are the indicators of money laundering?
You should be aware of the following behaviours that indicate a customer might be undertaking money laundering: Unusual transactions or activity compared to their normal dealings. Unjustified large cash deposits or constantly large balances. The use of large amounts of cash to purchase cashier’s checks or money orders.
What smurfing means?
/ (ˈsmɜːfɪŋ) / noun. computing the activity of using a specially designed computer program to attack a computer network by flooding it with messages, thereby rendering it inoperable. the activity of laundering money by conducting a large number of small transactions through banks and bureaux de change.
Why is it called cuckoo smurfing?
Cuckoo smurfing derives it’s name from the actions of the Cuckoo bird. A cuckoo will take its eggs and place them in the nest of another bird. That bird will then care for the egg until it hatches. In the same way, money launderers use innocent bank customers’ accounts.
What are the unlawful activities under AMLA?
(i) “Unlawful activity” refers to any act or omission or series or combination thereof involving or having relation to the following: (1) Kidnapping for ransom under Article 267 of Act No. 3815, otherwise known as the Revised Penal Code, as amended; (2) Sections 3, 4, 5, 7, 8 and 9 of Article Two of Republic Act No.
Is International cuckoo smurfing an effective method for laundering money?
Cuckoo Smurfing is a rare but highly effective method of money laundering. The money laundering crime network is extremely complicated. In addition, it is difficult for banks to detect such suspicious activities when it comes to third participation. That’s why criminals aren’t caught, and dirty money travels worldwide.
How can police prove money laundering?
Money Laundering Planned or Undertaken can be Proved Under section 330 the prosecution has to prove the person: Knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in money laundering; and.
What are the unlawful activities or predicate crimes subject to Amla?
Attempt/conspiracy to commit terrorism financing and organizing or directing others to commit terrorism financing (R.A. 10168). Attempt/conspiracy to commit dealing with property or funds of designated person. Accomplice to terrorism financing or conspiracy to commit terrorism financing.
What is AMLA law in the Philippines?
The Anti-Money Laundering Act of 2001 (AMLA) is the Philippines’ primary anti-money laundering law. AMLA enables authorities to investigate money laundering and other financial crimes in order to protect financial institutions and deter criminals from using the Philippines as a money-laundering destination.
What is cuckoo smurfing and how does it work?
Cuckoo Smurfing has recently been highlighted by AUSTRAC as a method of money laundering used by criminals to disguise their movements of funds across borders. By disguising their international funds transfers, criminals can further enable their criminal activities and profit from such activities.
Does the POCA catch cuckoo smurfing?
There is now no doubt that sophisticated and modern variations of cuckoo smurfing are caught by the POCA.
What is the difference between hawala and Cuckoo smurfing?
A key difference between hawala and cuckoo smurfing however is that whilst hawala, as an alternative remittance practice, posing money laundering risks, cuckoo smurfing is deliberate money laundering behavior.
How do money launderers use Cuckoos to launder money?
A cuckoo will take its eggs and place them in the nest of another bird. That bird will then care for the egg until it hatches. In the same way, money launderers use innocent bank customers’ accounts. The ‘Smurfing’ aspect of it comes from recruiting persons to make the structuring deposits.