Reading check exercises

1. Consult a dictionary and practice the pronunciation of the following words. Pay attention to the stress.

To be accomplished, layering, to conceal, to maintain, acquisition, asset concealment, audit, to disassociate, offshore, wire transfers, anonymity, to be assimilated, to verify, loan, ownership, cheques, dirty, futures, futures, to distinguish, repayments, easily purchased, virtually, unsuspecting, serving to verify.

2. Answer the following questions.

1. What are three basic steps in money laundering’s accomplishing ?

2. What are three common factors identified in laundering operations ?

3. What are the aims of the launderer at the first stage in the washing cycle?

4. What is the purpose of layering?

5. When does the launderer take the first attempt at concealment of his ownership’s source?

6. When is money integrated into the legitimate economic and financial system ?

7. What do you know about the money launderers’ methods at the stage of integration?

3. Explain what is meant by:

common factors, other asset forms, complex layers of financial transactions,

the monies, shell companies, layers are created by moving monies in and out of the offshore bank accounts, disclosed on any single wire transfer, is assimilated with all other assets, "cleaned" money, to grant themselves loans, they will also claim tax relief, off the shelf banks’.

4. Retell the text.

Vocabulary and grammar work

1. Fill in the blanks with the proper words.

An A-Z of Money Laundering ( part 2):

regulation, three-stage, layering, shell, crook, accounts, banks, directors, financial, believed, integration, privacy, investigators, placement

1. Generally speaking, it’s a ______________process. First comes ___________, getting the money into the global _______________system and away from where it was made in the first place.

2. Then comes____________: pushing the money through multiple transactions, using a number of countries and a handful of ___________ companies – also known as ‘brass plate’ companies, bought off the shelf and with nominee ________ standing in front of whoever really benefits. 3. Finally comes the____________: getting the money back to a place and form in which the original _____________ can spend it. 4. Offshore finance is useful here. Any number of Caribbean and Pacific Islands have very stringent ____________ laws, something preventing not only foreign ______________but even local ones from knowing who really controls a company or bank ____________. 5. And often they lack any real ___________to speak of. Nauru in the Pacific, for instance, has only a few thousand inhabitants – but 400 registered_____________.

It is widely _____________to act as a conduit for Russian mafia money.

2. Translate words and word combinations in brackets into English.

An A-Z of Money Laundering ( part 3)

1. It’s not just the small islands – many of which have few other ways besides financial services of ( заробітку іноземної валюти ). 2. London, New York, Tokyo, Frankfurt and of course Switzerland ( мають свій власний квітучий офшорний бізнес ). 3. And many crooks prefer ( мати справу з банками у великих містах, де значний грошовий об’єм ) changing hands cover their tracks. 4. Tracking all this as an investigator is a ( досить важка справа). 5. With millions of ( грошових переказів в день ) and with enough stages to the process, (агенції з розкриття кримінальних злочинів) rely on banks, insurers, bureaux de change and other financial institutions (щоб попередити їх про підозрілі звіти щодо грошових переказів) (STRs). 6. (У більшості розвинутих країн ), all transactions above a certain margin -usually around $10,000, although some set it much, much higher – (про них повинні доповідати керівникам банків) .7. That has led to smurfing – the practice of pushing through ( численні грошові перекази ) at levels just below the threshold. 8. So bankers and others are now charged with ( доповідати про усе, що здається підозрілим). 9. ( Як це підозріле визначати ) is a question no-one quite has an answer to yet. 10. The institutions also now have to ( знати своїх вкладників ) - the days of anonymous accounts are, in theory, numbered.