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(1) A person commits an offence of money laundering if the person knows or ought to have known that property is or forms part of the proceeds of  unlawful activity and the person

(a) converts, conceals, disguises or transfers the property,

(b) conceals or disguises the unlawful origin of the property, or

(c) acquires, uses or takes possession of the property.

(2) For the purpose of this Act, unlawful activity means conduct which constitutes a serious offence, financing of a terrorist act or contravention of a law which occurs after the commencement of this Act whether the conduct  occurs in this country or elsewhere.