Glossary entry (derived from question below)
English term or phrase:
money laundering predicate offenses
English answer:
crimes that give rise to money laundering
Added to glossary by
Kim Metzger
Jul 14, 2002 02:29
22 yrs ago
English term
Country
English
Law/Patents
Please explain this sentence in English. Thanks.
Countries should ensure that such offenses are designated as money laundering predicate offenses
Countries should ensure that such offenses are designated as money laundering predicate offenses
Responses
+14
2 hrs
Selected
Nations should make sure that these crimes are
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.
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Note added at 2002-07-14 05:01:28 (GMT)
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\"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.\"
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:
Peer comment(s):
agree |
Сергей Лузан
: Sure. The explanation is interesting as well.
2 hrs
|
agree |
Paul Mably (X)
3 hrs
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agree |
Enza Longo
3 hrs
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agree |
jerrie
4 hrs
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agree |
airmailrpl
5 hrs
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agree |
John Kinory (X)
6 hrs
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agree |
mickymayes
8 hrs
|
agree |
Sarah Ponting
: or "should ensure that..."
10 hrs
|
agree |
Piotr Kurek
1 day 10 hrs
|
agree |
tongue tied
1 day 10 hrs
|
agree |
Ildiko Santana
4 days
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agree |
AhmedAMS
9 days
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agree |
Sue Crocker
18 days
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agree |
Chinoise
20 days
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4 KudoZ points awarded for this answer.
Comment: "Graded automatically based on peer agreement. KudoZ."
18 mins
Please read below.
"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.
I certainly hope to help with my suggestion.
Peer comment(s):
agree |
Illona Morris
: yes, but is part of the sentence missing?
31 mins
|
disagree |
John Kinory (X)
: Where is the 'predicate' part? And 'laundering offenses undercover other offenses' is neither grammatical, logical or legal sense.
8 hrs
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+1
10 hrs
that give rise to the offence
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.
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.
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