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ARTICLE · 04 AUGUST 1996

Money Laundering - June 1996 - Offences

European Federal Credit Bank Limited
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IrelandFinance and Banking
Johnny Johnson
Johnny Johnson

MONEY LAUNDERING

Money laundering is defined as the concealment, disguise, conversion or transfer of property which represents the proceeds of drug trafficking or other criminal activity wherever such activity has occurred, or the assisting of another person to do so. While one of the primary focuses of the Act has been to restrict the use of proceeds of drug trafficking, it should be noted that the conversion or concealment of the proceeds of other criminal activities also constitutes money laundering. Concealing or disguising is deemed to include concealing or disguising the nature, source, location, disposition, movement or ownership or any rights with respect to the particular property.

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