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English translation: crimes that give rise to money laundering

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:money laundering predicate offenses
English translation:crimes that give rise to money laundering
Entered by: Kim Metzger
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02:29 Jul 14, 2002
English to English translations [PRO]
Law/Patents
English term or phrase: Country
Please explain this sentence in English. Thanks.

Countries should ensure that such offenses are designated as money laundering predicate offenses
TS
Nations should make sure that these crimes are
Explanation:
considered crimes that give rise to money laundering.

Here's a discussion of the subject I found online.

"Predicate offense" is the term used in the literature on anti-money laundering to refer to the unlawful activity that gives rise to the money being laundered. Assume that the money being deposited was in reality the ransom paid for the release of kidnapped hostages. Seeking to disguise the true nature of the ransom is the money laundering and kidnapping for ransom is the predicate offense.

Initially, illegal drug related crimes constituted the major bulk of predicate offenses. Over the years, however, the trend was to include a myriad of other crimes and punishable offenses as crime syndicates, like legitimate businessmen, found virtue in diversification. In the United States, for instance, dozens of federal crimes are listed in its money laundering statutes and it is on account of this great number that money laundering laws have become powerful tools for attacking organized crime in that country.

Money laundering predicate offenses range from swindling to smuggling, from robbery and extortion to plunder and practices in violation of the Securities Regulation Code of 2000.





--------------------------------------------------
Note added at 2002-07-14 05:01:28 (GMT)
--------------------------------------------------

\"For purposes of this report, a predicate offense is an
offense under your state anti-money laundering statute, such as narcotics trafficking, fraud, etc., which produced the criminal proceeds leading to a money laundering charge.\"


Selected response from:

Kim Metzger
Mexico
Local time: 13:42
Grading comment
Graded automatically based on peer agreement. KudoZ.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +14Nations should make sure that these crimes are
Kim Metzger
4 +1that give rise to the offencecheungmo
4Please read below.
Ingrid Petit


Discussion entries: 1





  

Answers


18 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Please read below.


Explanation:
"Before making any relevant judgement, every particular region should undestand that many laundering offenses undercover other offenses".
I certainly hope to help with my suggestion.

Ingrid Petit
United States
Local time: 13:42

Peer comments on this answer (and responses from the answerer)
agree  Illona Morris: yes, but is part of the sentence missing?
31 mins

disagree  John Kinory: Where is the 'predicate' part? And 'laundering offenses undercover other offenses' is neither grammatical, logical or legal sense.
8 hrs
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +14
Nations should make sure that these crimes are


Explanation:
considered crimes that give rise to money laundering.

Here's a discussion of the subject I found online.

"Predicate offense" is the term used in the literature on anti-money laundering to refer to the unlawful activity that gives rise to the money being laundered. Assume that the money being deposited was in reality the ransom paid for the release of kidnapped hostages. Seeking to disguise the true nature of the ransom is the money laundering and kidnapping for ransom is the predicate offense.

Initially, illegal drug related crimes constituted the major bulk of predicate offenses. Over the years, however, the trend was to include a myriad of other crimes and punishable offenses as crime syndicates, like legitimate businessmen, found virtue in diversification. In the United States, for instance, dozens of federal crimes are listed in its money laundering statutes and it is on account of this great number that money laundering laws have become powerful tools for attacking organized crime in that country.

Money laundering predicate offenses range from swindling to smuggling, from robbery and extortion to plunder and practices in violation of the Securities Regulation Code of 2000.





--------------------------------------------------
Note added at 2002-07-14 05:01:28 (GMT)
--------------------------------------------------

\"For purposes of this report, a predicate offense is an
offense under your state anti-money laundering statute, such as narcotics trafficking, fraud, etc., which produced the criminal proceeds leading to a money laundering charge.\"





    Reference: http://www.thetrustguru.com/tax021.asp
Kim Metzger
Mexico
Local time: 13:42
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 2249
Grading comment
Graded automatically based on peer agreement. KudoZ.

Peer comments on this answer (and responses from the answerer)
agree  Сергей Лузан: Sure. The explanation is interesting as well.
2 hrs

agree  Paul Mably
3 hrs

agree  Enza Longo
3 hrs

agree  jerrie
4 hrs

agree  airmailrpl
5 hrs

agree  John Kinory
6 hrs

agree  mickymayes
8 hrs

agree  Sarah Ponting: or "should ensure that..."
10 hrs

agree  Piotr Kurek
1 day10 hrs

agree  tongue tied
1 day10 hrs

agree  Ildiko Santana
4 days

agree  AhmedAMS
9 days

agree  Sue Crocker
18 days

agree  Chinoise
20 days
Login to enter a peer comment (or grade)

10 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
that give rise to the offence


Explanation:
A predicate, in grammar, is a word that completes the meaning of a copula. Here, its the offence that completes the meaning of "illegal" money laundering.

I can go to a casino, and launder my money quite legally by purchasing chips, hanging on to them for a few hours, and then cashing them in.

What makes the laundering of money illegal is where the money came from.

If the laundered money comes from the proceeds of illegal drug selling, the the predicate offence (the offence that lets the state declare or charge that the laundering is illegal) is the selling of illegal drugs.

Here's an other entirely unrelated example.

If a surgeon sticks a knife in you, it can be perfectly legal as long as you consent to it and it is medically required (a surgeon cannot cut out your liver just because you asked and paid him to do this), or its medically required in an emergency situation and you're unable to give consent.

A predicate offence on a charge of assault (i.e. sticking a knife in someone), in this type of a situation, would be a doctor fraudulently getting a patient to sign a consent to surgery. The fraud is a separate offence from the assault but is the offence that gives rise to (predicates) the offence of assault.


cheungmo
PRO pts in pair: 27

Peer comments on this answer (and responses from the answerer)
agree  AhmedAMS
9 days
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