Money Laundering Basics

What is the definition of money laundering?

• The process of earning money through legal means

• The process of concealing the origins of money obtained illegally

• The process of saving money in a bank account

• The process of spending money on luxury items

Money laundering is a:

• Hate crime

• Financial crime

• Identity Theft crime

(a)   is a common method used in money laundering.

• Investing in the stock market
• Using shell companies
• Donating to charity
• Opening a savings account

What is one impact of money laundering on society?

• It increases the value of the local currency

• It helps in the development of infrastructure

• It can lead to increased crime and corruption

• It reduces the cost of living

Which of the following is a common method used in money laundering?

• Investing in property

• Opening a savings account

• Donating to charity

• Paying taxes

With the rise of virtual currency, another method used to launder money is (a)  

• Second line
• Arts & War
• Bitcoin

Which regulation is aimed at preventing money laundering in Great Britain?

• The Clean Air Act

• The Proceeds of Crime Act 2002

• The Education Act 2011

• The Health and Safety at Work Act 1974

Which international organization is responsible for setting global standards for combating money laundering?

• World Bank

• International Monetary Fund (IMF)

• Financial Action Task Force (FATF)

• United Nations (UN)