- 1 Marks
Question
What offence is committed when a person transfers money derived from illicit traffic in cocaine in such a way as to hide the illicit source of the money and to avoid the law?
A. Drug trafficking
B. Unlawful transfer
C. Money trafficking
D. Money laundering
E. Illicit trafficking
Answer
D
Explanation:
Money laundering refers to the illegal process of concealing the origins of money obtained from illicit activities, such as drug trafficking. It is done to make the money appear legal, and it constitutes a criminal offence under Nigerian law.
- Tags: Criminal Law, Illicit Transactions, Money laundering
- Level: Level 1
- Topic: Company Law
- Series: NOV 2021
- Uploader: Theophilus