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 ($A10,000).Asset Conversion: conversion of criminal cash into high value assets [e.g. diamonds, gold, jewellery, art works] which can be sold.Gambling: deposit criminal cash into gaming machines and claim “winnings” are derived from a legal source.Group of answer choicesAnswer III OnlyAnswer I OnlyAnswer II OnlyAll of the available anwers
Question
Which of the following example is a placement technique? Structuring (or smurfing): multiple cash deposits made by runners/smurfs into multiple bank accounts in amounts less than threshold reporting level ($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.Group of answer choicesAnswer III OnlyAnswer I OnlyAnswer II OnlyAll of the available anwers
Solution
Let's analyze each statement:
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Structuring (or smurfing): multiple cash deposits made by runners/smurfs into multiple bank accounts in amounts less than threshold reporting level ($A10,000): This is TRUE. Structuring, also known as smurfing, is a method of placement where large amounts of illicit money are broken down into less conspicuous smaller sums that are then deposited into a bank account, or used to purchase a series of monetary instruments (checks, money orders, etc.), to avoid detection or suspicion.
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Asset Conversion: conversion of criminal cash into high value assets [e.g. diamonds, gold, jewellery, art works] which can be sold: This is TRUE. Converting cash into assets is another method of placement. The assets can later be sold and the proceeds deposited into a bank account, making the money appear to come from a legitimate source.
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Gambling: deposit criminal cash into gaming machines and claim “winnings” are derived from a legal source: This is TRUE. Using illicit money for gambling and then claiming the winnings as the source of the money is another method of placement.
Given that all these statements are true, the correct answer is "All of the available answers".
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