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Money laundering and terrorist financing abuse of NPOs

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“Non-Profit Organization” refers to a SEC-registered nonstock corporation that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, or for the carrying out of other types of good works. NPOs shall include foundations, as well as other SEC-registered nonstock corporations engaged in the abovementioned activities (Section 1.3.6, MC 15).