Practice question
A person knowingly transfers fraud proceeds into another asset. He argues laundering requires a cash deposit into a bank in every case. Which is correct?
- Section 4 includes knowing conversion or transfer of the relevant property and does not universally require a bank deposit
- Only bank deposits can ever be laundering
- Only bankers may be offenders
- Every conversion is lawful regardless of knowledge
- The asset must remain in its original form
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html — RA 10365, sections 4 and 5 amending AMLA sections 4 and 6
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