Anti-Money Laundering Act 2019 for Nauru
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Key Definitions
The following definitions are crucial in understanding the Anti-Money Laundering Act 2019 for Nauru.
1. Beneficiary Entity
- A person or organization that receives an electronic currency transfer.
- This definition is essential in identifying the recipient of a transaction, which may be subject to anti-money laundering regulations.
2. Criminal Conduct
- Any offense listed in the definition of criminal property.
- This definition encompasses various types of crimes that can lead to the generation of proceeds from illicit activities.
3. Criminal Property
- Property that is connected to any of the offenses or conduct listed in the definition of criminal conduct.
- This definition highlights the importance of identifying and tracing assets linked to criminal activity.
4. Deal or Dealing with Property
- Includes concealing, disguising, converting, transferring, removing from Nauru, bringing into Nauru, receiving, acquiring, using, possessing property, engaging in a banking transaction relating to property, or entering into an agreement, arrangement, or understanding in relation to property.
- This definition outlines various actions that can be considered money laundering or other illicit activities.
5. Electronic Currency Transfer
- A single or chain of electronic transfers that occur where one of the parties is located outside Nauru.
- This definition highlights the importance of international transactions in the context of anti-money laundering regulations.
6. International Electronic Currency Transfer
- An electronic currency transfer that involves a party located outside Nauru.
- This definition emphasizes the need for regulation and oversight of cross-border transactions.
7. Intermediary Entity
- An entity that transmits an electronic currency transfer on behalf of an originating entity and a beneficiary entity or another intermediary entity.
- This definition is crucial in understanding the role of third-party entities in facilitating financial transactions.
8. Money Laundering
- The process of concealing the origin, nature, or destination of proceeds obtained from criminal activity.
- This definition highlights the importance of identifying and preventing money laundering activities.
9. Originating Entity
- A person or organization that requests a reporting entity to execute an electronic currency transaction.
- This definition is essential in understanding the source of transactions that may be subject to anti-money laundering regulations.
10. Politically Exposed Person
- A person who has been entrusted with prominent public functions and has been identified by Nauru as politically exposed persons.
- This definition highlights the importance of regulating transactions involving individuals with significant public influence.
11. Property
- Assets of any kind, including documents or instruments in electronic form.
- This definition emphasizes the broad scope of assets that can be subject to anti-money laundering regulations.
12. Record
- Any material that can be read or understood by a device.
- This definition highlights the importance of maintaining accurate and transparent records in financial transactions.
13. Reporting Entity
- An entity that is required to report suspicious transactions to the Secretary for Justice and Border Control.
- This definition emphasizes the critical role of reporting entities in identifying and preventing money laundering activities.
These definitions are likely used throughout the Act to provide clarity on key concepts related to anti-money laundering regulations in Nauru.