Which of the following example is a placement technique? Structuring (or smurfing): multiple cash deposits made by runners/smurfs into multiple bank accounts in amounts less than threshold reporting level ($A10,000).Asset Conversion: conversion of criminal cash into high value assets [e.g. diamonds, gold, jewellery, art works] which can be sold.Gambling: deposit criminal cash into gaming machines and claim “winnings” are derived from a legal source.
Question
Which of the following example is a placement technique? Structuring (or smurfing): multiple cash deposits made by runners/smurfs into multiple bank accounts in amounts less than threshold reporting level ($A10,000).Asset Conversion: conversion of criminal cash into high value assets [e.g. diamonds, gold, jewellery, art works] which can be sold.Gambling: deposit criminal cash into gaming machines and claim “winnings” are derived from a legal source.
Solution
All three examples provided are placement techniques used in money laundering.
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Structuring (or smurfing): This involves making multiple cash deposits into various bank accounts, usually in amounts less than the threshold reporting level (in this case, $A10,000). The aim is to avoid detection by authorities that monitor large transactions.
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Asset Conversion: This involves converting illicit cash into high-value assets such as diamonds, gold, jewelry, or art works. These assets can later be sold, making the illicit funds appear as legitimate earnings.
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Gambling: This involves depositing criminal cash into gaming machines and then claiming any “winnings” as being derived from a legal source. This makes the illicit funds appear as legitimate earnings.
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