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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
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

suspect is identifiable

26
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

required disclosure

27
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

nominated officer (money laundering reporting officer)

28
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

National Crime Agency

29
Q

Tipping off involves making a D* that ML is S to the S which is likely to PaI.

A

disclosure

30
Q

Tipping off involves making a D that ML* is S to the S which is likely to PaI.

A

money laundering

31
Q

Tipping off involves making a D that ML is S* to the S which is likely to PaI.

32
Q

Tipping off involves making a D that ML is S to the S* which is likely to PaI.

33
Q

Tipping off involves making a D that ML is S to the S which is likely to PaI*.

A

predudice an investigation

34
Q

The 2017 Money Laundering Regulations apply to ‘…’

A

relevant persons

35
Q

Records of due diligence checks must be kept for at least …

36
Q

The maximum penalty for money laundering is … imprisonment.

37
Q

The maximum penalty for failure to report a suspicion of money laundering is … imprisonment.

38
Q

The maximum penalty for tipping off is … imprisonment.

39
Q

Fines in connection with money laundering offences are …

40
Q

The maximum penalty for non-compliance with the 2017 Money Laundering Regulations is … imprisonment.

41
Q

An employed person must make a report of supicious activity to their firm’s …

A

money laundering reporting officer

42
Q

A self employed person must make a report of supicious activity directly to the …

A

National Crime Agency

43
Q

Legal privilege (does / does not) exist in respect of accountants.

44
Q

Despite there being no legal privilege in respect of accountants, the Proceeds of Crime Act (2002) does offer a defence regarding information received in …

A

privileged circumstances

45
Q

Stages of money laundering: P* L I

46
Q

Stages of money laundering: P L* I

47
Q

Stages of money laundering: P L I*

A

integration

48
Q

The process by which criminial property is introduced into the ‘legitimate’ financial system.

49
Q

The process by which the origin of criminal property is disguised via multiple complicated transactions, usually involving overseas businesses.

50
Q

The process by which criminal property reappears in the legitimate financial system as apparently legitimate money.

A

integration

ICAEW Law 10: Criminal law. (8 decks)

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