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ICAEW Law 10: Criminal law. > 10. Money laundering. > Flashcards

10. Money laundering. Flashcards

1
Q

The process by which the proceeds of crime are converted into assets which appear to have a legitimate origin.

A

money laundering

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2
Q

The current external authority to whom suspicions of money laundering should be reported is the …

A

National Crime Agency (NCA)

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3
Q

The main UK legislation on money laundering is the …

A

Proceeds of Crime Act (2002)

as supplemented by the Money Laundering Regulations (2017)

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4
Q

The proceeds of acts which are offences in any part of the United Kingdom, whether or not they happen here.

A

criminal property

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5
Q

Money laundering via online transactions.

A

cyberlaundering

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6
Q

Money laundering offences: C*, D, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

conceals

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7
Q

Money laundering offences: C, D*, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

disguises

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8
Q

Money laundering offences: C, D, C*, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

converts

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9
Q

Money laundering offences: C, D, C, T*, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

transfers

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10
Q

Money laundering offences: C, D, C, T, R* of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

removes

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11
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP*; FTD; TO

A

criminal property

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12
Q

Money laundering offences: C, D, C, T, R of CP; A* for A, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

enters or becomes involved in an arrangement

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13
Q

Money laundering offences: C, D, C, T, R of CP; A for A*, R, U, C of CP; A, U, HPO of CP; FTD; TO

A

acquisition

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14
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R*, U, C of CP; A, U, HPO of CP; FTD; TO

A

retention

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15
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U*, C of CP; A, U, HPO of CP; FTD; TO

A

use

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16
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C* of CP; A, U, HPO of CP; FTD; TO

A

control

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17
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A*, U, HPO of CP; FTD; TO

A

acquires

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18
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A, U*, HPO of CP; FTD; TO

A

uses

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19
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO* of CP; FTD; TO

A

has possession of

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20
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD*; TO

A

failure to disclose

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21
Q

Money laundering offences: C, D, C, T, R of CP; A for A, R, U, C of CP; A, U, HPO of CP; FTD; TO*

A

tipping off

22
Q

The main defence to a charge of money laundering is the making of an …

A

authorised disclosure

23
Q

Failure to disclose involves [K or S ML*] as a result of I acquired P where the S is I and yet not making the RD to either the NO (MLRO) or the NCA.

A

knowing or suspecting money laundering

24
Q

Failure to disclose involves K or S ML as a result of [I acquired P]* where the S is I and yet not making the RD to either the NO (MLRO) or the NCA.

A

information acquired professionally

25
Failure to disclose involves K or S ML as a result of I acquired P where the [S is I]* and yet not making the RD to either the NO (MLRO) or the NCA.
suspect is identifiable
26
Failure to disclose involves K or S ML as a result of I acquired P where the S is I and yet not making the RD* to either the NO (MLRO) or the NCA.
required disclosure
27
Failure to disclose involves K or S ML as a result of I acquired P where the S is I and yet not making the RD to either the NO (MLRO*) or the NCA.
nominated officer (money laundering reporting officer)
28
Failure to disclose involves K or S ML as a result of I acquired P where the S is I and yet not making the RD to either the NO (MLRO) or the NCA*.
National Crime Agency
29
Tipping off involves making a D* that ML is S to the S which is likely to PaI.
disclosure
30
Tipping off involves making a D that ML* is S to the S which is likely to PaI.
money laundering
31
Tipping off involves making a D that ML is S* to the S which is likely to PaI.
suspected
32
Tipping off involves making a D that ML is S to the S* which is likely to PaI.
suspect
33
Tipping off involves making a D that ML is S to the S which is likely to PaI*.
predudice an investigation
34
The 2017 Money Laundering Regulations apply to '...'
relevant persons
35
Records of due diligence checks must be kept for at least ...
5 years
36
The maximum penalty for money laundering is ... imprisonment.
14 years
37
The maximum penalty for failure to report a suspicion of money laundering is ... imprisonment.
5 years
38
The maximum penalty for tipping off is ... imprisonment.
2 years
39
Fines in connection with money laundering offences are ...
unlimited
40
The maximum penalty for non-compliance with the 2017 Money Laundering Regulations is ... imprisonment.
2 years
41
An employed person must make a report of supicious activity to their firm's ...
money laundering reporting officer
42
A self employed person must make a report of supicious activity directly to the ...
National Crime Agency
43
Legal privilege (does / does not) exist in respect of accountants.
does not
44
Despite there being no legal privilege in respect of accountants, the Proceeds of Crime Act (2002) does offer a defence regarding information received in ...
privileged circumstances
45
Stages of money laundering: P* L I
placement
46
Stages of money laundering: P L* I
layering
47
Stages of money laundering: P L I*
integration
48
The process by which criminial property is introduced into the 'legitimate' financial system.
placement
49
The process by which the origin of criminal property is disguised via multiple complicated transactions, usually involving overseas businesses.
layering
50
The process by which criminal property reappears in the legitimate financial system as apparently legitimate money.
integration

ICAEW Law 10: Criminal law. (8 decks)

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