Explanation:
According to the European Union and general international definitions, money laundering involves knowingly converting or transferring property derived from criminal activity in order to disguise the illicit origin of the property. Option B specifically defines terrorist financing. Option C describes general fraud or compliance violations. Option D describes certain methods used during the integration phase of money laundering, but Option A represents the foundational definition of the activity itself.
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Q.69 Different countries may have different laws against money laundering and terrorism financing. On 20 May 2015, the European Parliament and Council issued a directive to prevent the use of the financial system for money laundering or terrorist financing. According to the European Union, which of the following activities are considered money laundering?
A
Knowingly converting or transferring property derived from criminal activity in order to disguise the illicit origin of the property.
B
The provision or collection of funds to be used, partly or in full, to facilitate any offense considered by the authorities as a terrorism act
C
Any intentional violation of the law or of internal policies perpetrated by the firm's employees
D
Getting the money out to use while evading taxes and law enforcement through activities such as fake payments to employees, fake loans, or dividends to accomplices
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