READ THE TEXT CAREFULLY THEN DO THE ACTIVITIES:
Money laundering is the process by which money that was obtained illegally is made to seem as though it is a lawful income. Money laundering involves eliminating evidence and making it difficult for authorities to trace the money back to its illegal source. People launder money so that they can use the money without raising suspicions or attracting the attention of law enforcement officials. Organized crime groups, terrorist organizations, and other criminals may attempt to launder money generated by drug dealing, arms smuggling, or other forms of illegal activity. Many nations have laws that aim to prevent money laundering.
Money launderers may "wash" money in a variety of ways. For instance, a restaurant owner who sells illegal drugs on the side might include the drug profits with the restaurant's receipts. Thus, business records would indicate that the drug profits were earned from food sales. In a more involved operation, an organization might use a series of complex financial transactions to hide the source of the illegal money.
Many money launderers move funds to foreign countries where the banking systems allow for greater secrecy. Some money launderers establish front groups – that is, apparently legitimate organizations or businesses that cover for illegal activities.
The United Nations, through its Global Program against Money Laundering (GMPL), helps nations develop lams and policies to prevent money laundering. In the United States, the Bank Secrecy Act of 1970 and its later amendments have been designed to help detect and prevent money laundering and other crimes. The act, often called the BSA, requires financial institutions to file reports on certain large cash transactions. The Financial Crimes Enforcement Network (FinCEN) receives BSA reports, analyses them, and sends them to US and international law-enforcement officials.
A) COMPREHENSION AND INTERPRETATION:
1. Answer the questions below:
a. What do we mean by 'money laundering'?
b. Who may launder money?
c. What are the possible forms used to launder money?
d. Is money laundering an unethical practice?
e. How does the BSA function?
2. In which paragraph is it mentioned that "a lot of money launderers invest their money outside their countries"?
3. What or who do the underlined words in the text refer to?
Which (§1)…………………. They (§1)…………………
Where (§3)…………………. Them (§3)………………..
4. Choose the best title to the text:
• The History of Money Laundering
• Money Launderers
• Money Laundering
B. Text Exploration:
1. Complete the table below:
Adjectives Nouns
Lawful
Evident
Active
Complex
2. Combine each pair of sentences using the connectors provided in brackets:
a. Bribery is illegal / it can cause officials to make unfair decisions that affect citizens. (because)
b. The spread of counterfeit goods has become global in recent years / it makes up 5 to 7% of the world trade. (…so….that….)
c. The BSA would be effective / financial institutions file reports on large cash transactions to be analysed and treated. (as long as)
d. Ethics is the set of moral rules / professionals in any field are expected to respect (.such…that…)
3. Rewrite the sentences below differently using the prompts given:
a. Many money launderers move funds to foreign countries.
Funds………………………………………………………….by many money launderers
b. The GPML is helping nations develop laws and policies to prevent money laundering.
Nations……………………………………………………………by the GPML.
4. Underline the stressed syllable in each of the words below:
Genetics – cosmetic – professional – electronics.
5. Fill in the gaps with one word from the list below so that the text makes sense:
( fraud – an – deception – dishonest)
Fraud is…(1)…intentional untruth or a …(2)…..scheme used to take deliberate and unfair advantage of another person or group of persons. It includes any means, such as surprise, trickery, or cunning, by which one cheats another. Actual……(3)……includes cases of misrepresentation designed specifically to cheat others, as when a company sells lots in a subdivision that does not exist. Actual fraud includes something said, done, or omitted with the design of continuing what a person knows to be a cheat or a……(4)….. Constructive fraud includes acts or words that tend to mislead others, as when a person sells an automobile without telling the purchaser that the car stalls often.
Money laundering is the process by which money that was obtained illegally is made to seem as though it is a lawful income. Money laundering involves eliminating evidence and making it difficult for authorities to trace the money back to its illegal source. People launder money so that they can use the money without raising suspicions or attracting the attention of law enforcement officials. Organized crime groups, terrorist organizations, and other criminals may attempt to launder money generated by drug dealing, arms smuggling, or other forms of illegal activity. Many nations have laws that aim to prevent money laundering.
Money launderers may "wash" money in a variety of ways. For instance, a restaurant owner who sells illegal drugs on the side might include the drug profits with the restaurant's receipts. Thus, business records would indicate that the drug profits were earned from food sales. In a more involved operation, an organization might use a series of complex financial transactions to hide the source of the illegal money.
Many money launderers move funds to foreign countries where the banking systems allow for greater secrecy. Some money launderers establish front groups – that is, apparently legitimate organizations or businesses that cover for illegal activities.
The United Nations, through its Global Program against Money Laundering (GMPL), helps nations develop lams and policies to prevent money laundering. In the United States, the Bank Secrecy Act of 1970 and its later amendments have been designed to help detect and prevent money laundering and other crimes. The act, often called the BSA, requires financial institutions to file reports on certain large cash transactions. The Financial Crimes Enforcement Network (FinCEN) receives BSA reports, analyses them, and sends them to US and international law-enforcement officials.
A) COMPREHENSION AND INTERPRETATION:
1. Answer the questions below:
a. What do we mean by 'money laundering'?
b. Who may launder money?
c. What are the possible forms used to launder money?
d. Is money laundering an unethical practice?
e. How does the BSA function?
2. In which paragraph is it mentioned that "a lot of money launderers invest their money outside their countries"?
3. What or who do the underlined words in the text refer to?
Which (§1)…………………. They (§1)…………………
Where (§3)…………………. Them (§3)………………..
4. Choose the best title to the text:
• The History of Money Laundering
• Money Launderers
• Money Laundering
B. Text Exploration:
1. Complete the table below:
Adjectives Nouns
Lawful
Evident
Active
Complex
2. Combine each pair of sentences using the connectors provided in brackets:
a. Bribery is illegal / it can cause officials to make unfair decisions that affect citizens. (because)
b. The spread of counterfeit goods has become global in recent years / it makes up 5 to 7% of the world trade. (…so….that….)
c. The BSA would be effective / financial institutions file reports on large cash transactions to be analysed and treated. (as long as)
d. Ethics is the set of moral rules / professionals in any field are expected to respect (.such…that…)
3. Rewrite the sentences below differently using the prompts given:
a. Many money launderers move funds to foreign countries.
Funds………………………………………………………….by many money launderers
b. The GPML is helping nations develop laws and policies to prevent money laundering.
Nations……………………………………………………………by the GPML.
4. Underline the stressed syllable in each of the words below:
Genetics – cosmetic – professional – electronics.
5. Fill in the gaps with one word from the list below so that the text makes sense:
( fraud – an – deception – dishonest)
Fraud is…(1)…intentional untruth or a …(2)…..scheme used to take deliberate and unfair advantage of another person or group of persons. It includes any means, such as surprise, trickery, or cunning, by which one cheats another. Actual……(3)……includes cases of misrepresentation designed specifically to cheat others, as when a company sells lots in a subdivision that does not exist. Actual fraud includes something said, done, or omitted with the design of continuing what a person knows to be a cheat or a……(4)….. Constructive fraud includes acts or words that tend to mislead others, as when a person sells an automobile without telling the purchaser that the car stalls often.
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