Which scenario is closest to the definition of money laundering the United Nations Convention against Transnational Organized Crime and Other Protocols provided?

Question

Options

• AFiling a suspicious transaction report when you know or suspect money laundering is taking place
• BKnowingly financing a resort development with the proceeds of arms trafficking
• CAssisting a client in a property conveyance by effecting the transfer of ownership from the seller
• DDiscussing your suspicions with a client, thus giving the client the opportunity to switch service

• A
  6% (2)
• B
  81% (26)
• C
  9% (3)
• D
  3% (1)

Explanation

Option B is closest to the definition of money laundering provided by the United Nations Convention against Transnational Organized Crime and Other Protocols, which states that money laundering is "the conversion or transfer of property, knowing that such property is the proceeds of crime, for the purpose of concealing or disguising the illicit origin of the property or of helping any person who is involved in the commission of the predicate offence to evade the legal consequences of his or her action". In this scenario, the person is knowingly financing a resort development with the proceeds of arms trafficking, which is a crime, and thus concealing or disguising the illicit origin of the property.

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