Chapter 10 - 6.1 - Money Laundering

Question 1

What are the three ways in which a person can be engaged in money laundering?

Answer 1

• If they conceal, disguise, convert, transfer or remove (from the UK) criminal property
• If they enter into, or become concerned about, an arrangement they known or suspect facilitates the acquisition, retention, use or control of criminal property
• if they acquire, use or have possession of criminal property

Question 2

What does ‘criminal property’ include?

Answer 2

The proceeds of tax evasion

Question 3

What are accountants required to comply with?

Answer 3

• Proceeds of Crime Act 2002 (POCA) as amended by the Serious Organised Crime and Police Act 2005 (SOCPA)
• Money Laundering Regulations 2017

Question 4

What do the ICAEW support and what does this include?

Answer 4

They support the UK Economic Crime Strategic Board (ESCB’s) economic crime plan, which includes information sharing to help identify economic crimes and criminal activity in an increasingly digital society