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Introduction to Financial Crime including an Overview of Money Laundering

Unit 23. Introduction to Financial Crime including an Overview of Money Laundering. Facilitator Support Materials for Introduction to Financial Crime including an Overview of Money Laundering. Unit Aim.

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Introduction to Financial Crime including an Overview of Money Laundering

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  1. Unit 23 Introduction to Financial Crime including an Overview of Money Laundering Facilitator Support Materials for Introduction to Financial Crime including an Overview of Money Laundering

  2. Unit Aim To provide an introduction to the types of financial crime, their impact on various individuals and groups in society and how financial services providers and law enforcement agencies attempt to fight financial crime. This unit is 20 Guided Learning Hours

  3. Unit Description The learner will be introduced to the concept of financial crime and the various types of financial crime that exist. The adverse consequences of financial crime on consumers, financial institutions and society will be studied. The many steps that financial services providers and law enforcement agencies can take, in order to reduce financial crime will be investigated.

  4. Unit Description Continued Understanding the concept of money laundering together with the various stages of money laundering will be studied. As money laundering is one type of financial crime and involves many diverse activities, learners will be introduced to the various laws to control money laundering, and the specific offences that these laws are designed to prohibit. Both the financial services organisation and the individual working for the organisation may be accountable under criminal law. The unit will be concluded by examining the role of relevant national law enforcement agency responsible for dealing with money laundering.

  5. Learning Outcome 1: Understand financial crime Amplification of the Learning Outcome: Range of activities that may be regarded as financial crime: forgery; theft; embezzlement; fraud; deception; computer related crimes; money laundering and terrorist financing Consequences of financial crime to financial organisations: erosion of public confidence; resources needed to prevent financial crime; threats to the future viability of an organisation and effect on morale if the crime is committed by management or staff

  6. Amplification of the Learning Outcome Continued: • Consequences of financial crime to consumers and society: funds available to the customer; time lost in resolving the matter with the service provider; potential disclosure of data to criminals and diminishes confidence in the financial system • Reducing financial crime: risk based approaches; methods of prevention; legislation; national and international co- operation; investment in technology; consumer awareness; staff awareness and use of specialists

  7. Assessment Criteria for Learning Outcome 1 Assessment Criteria: 1.1 Discuss the range of activities that may be regarded as financial crime Open discussion with Learners 1.2 Discuss the consequences of financial crime to financial institutions Open discussion with Learners

  8. Assessment Criteria for Learning Outcome 1 Continued • 1.3 Discuss the consequences of financial crime to consumers and society as a whole • Open discussion with Learners • 1.4 explain how financial institutions, regulators and law enforcement agencies attempt to fight financial crime • Open discussion with Learners

  9. Learning Outcome 2: Understand money laundering Amplification of the Learning Outcome: Meaning: process through which the monetary or other proceeds of criminal activities are converted into financial assets that appear to have a legitimate origin; laundering and cleansing Stages: placement; layering; integration

  10. Amplification of the Learning Outcome Continued: • Anti-money laundering legislation: eg Drug Trafficking Offences Act 1986,Criminal Justice Act 1993, Terrorism Act 2000, Anti- Terrorism, Crime and Security Act 2001, Proceeds of Crime Act 2002, Proceeds of Crime Act 2003; Major offences eg laundering the proceeds of crime, failure to report knowledge or suspicion of money laundering and tipping off the suspected money launderer • Role of law enforcement agencies: eg Serious Organised Crime Agency (SOCA); powers and responsibilities and suspicious activity reports

  11. Assessment Criteria for Learning Outcome 2 Assessment Criteria: 2.1 Explain the typical stages of the money laundering process Open discussion with Learners 2.2 Explain the application of anti-money laundering legislation Open discussion with Learners 2.3 Discuss the role of an appropriate law enforcement agency for dealing with money laundering in the local jurisdiction Open discussion with Learners

  12. Appropriate Books Financial Crime, chapter; Introduction to Financial Crime, pages 8-27 Money Laundering, chapter; An Overview of Money Laundering, pages 6-22

  13. Appropriate websites www.fsa.gov.uk www.soca.gov.uk www.statistics.gov.uk

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