AML 2.0 – A New Way to Look at Money Laundering (ML)
About this event
This in depth look at basic money laundering will provide participants with a new perspective of money laundering that builds on the dated three stages of money laundering model. Different crimes generate proceeds which are managed by criminals and launderers in a multitude of ways. Understanding the predicate crimes, sources of criminal proceeds and terminology will allow MSB owners and operators to improve their transaction monitoring and reporting programs whether face to face or through automated means. Linking this updated means to understand the laundering of the proceeds of crime also assists people to better understand the relevant legislation underlying the reporting requirements. Criminals including money launderers who are just as responsible as those who commit crimes for profit use a tremendous variety of techniques to obscure dirty money. When discussing money laundering, I like to start at the beginning which means starting with the predicate crimes and offences that GENERATE the proceeds of crime. John Broome, a noted academic and AML professional from Australia, describes six stages of money laundering. Describing money laundering by way of the three stages, placement, layering and integration limits one’s understanding about how the source of funds matters, why wealth is hidden and ultimately what criminals are able to do with the potentially vast wealth they have accumulated as a result of criminal activities. I think there is tremendous value in understanding and applying these concepts as a teaching tool for staff of reporting entities, intelligence and law enforcement officers. CMSBA Members, please sign in to the CMSBA website (canadianmsb.org) to get your code for MEMBER ONLY 100% off for the general ticket price.