Chapter 10 - Criminal law Flashcards
When is a whistleblowing disclosure a qualifying disclosure?
A disclosure must be a qualifying disclosure, made in good faith to the appropriate person in the appropriate manner, and the person making it must have a reasonable belief that the information is valid.
Does the Employment Rights Act 1996 impose an obligation on the whistle-blower to disclose wrongdoings?
No.
The legislation does not impose an obligation to whistleblow, rather it protects individuals who choose to do so.
Are awards of compensation regarding whistleblowing capped?
No.
Awards of compensation are uncapped and based on the losses suffered.
What is a qualifying disclosure regarding whistleblowing?
In the reasonable belief of the worker making it, the information disclosed tends to show one or more of the following:
- Criminal Offence
- Failure of any legal obligation
- Miscarriage of justice
- Health and safety endangered
- Environment damaged
- Information regarding above is being deliberately concealed
What happens when a disclosure is not made in good faith?
Tzhe court or tribunal may reduce the amount of compensation by up to 25%.
What happens when a disclosure is not made in good faith?
Tzhe court or tribunal may reduce the amount of compensation by up to 25%.
What is the maximum penalty for fraud?
The maximum penalty for fraud under the Act is 10 years’ imprisonment and an unlimited fine.
What is the maximum penalty for fraud?
The maximum penalty for fraud under the Act is 10 years’ imprisonment and an unlimited fine.
What things are illegal as per the Computer Misuse Act 1990?
- Unauthorised access to computer material
- Unauthorised access with intent to commit or facilitate commission of further offences
- Unauthorised acts with intent to impair, or with recklessness as to impairing, operation of computer
- Unauthorised acts causing, or creating risk of, serious damage
- Making, supplying or obtaining articles for use in the above offences
How can fraudulent trading carry civil liability?
Fraudulent trading also carries civil liability for any persons who were knowingly parties to it.
Any such person may be held liable for some or all of the debts of the company.
This civil liability only arises where the company is in liquidation and only the liquidator can apply to court for a declaration of civil liability.
In case a person encourages another to deal by providing insider information, what factors are irrelevant?
It is irrelevant whether:
- the person encouraged realises that the securities are price-affected securities
- the inside information is actually given to that person
- any dealing actually takes place
The individual has a defence regarding dealing and encouraging others to deal if they can show that:
- they did not expect there to be a profit or avoidance of loss;
- they had reasonable grounds to believe that the information had been disclosed widely; or
- they would have done what they did even if they did not have the information.
What are the maximum penalties regarding insider dealings?
Maximum penalties given by the statute are seven years’ imprisonment and/or an unlimited fine.
Contracts remain valid and enforceable in civil law.
What are the four main offences regarding bribery?
Bribing another person
Being bribed
Bribing a foreign public official
Corporate failure to prevent bribery
What are the four main offences regarding bribery?
Bribing another person
Being bribed
Bribing a foreign public official
Corporate failure to prevent bribery
What is the maximum penalty for bribe?
The maximum penalty under the Act is 10 years’ imprisonment and/or an unlimited fine.
What is the maximum penalty for money laundering?
14 years’ imprisonment
Unlimited fine
What is the maximum penalty for failure to report money laundering?
5 years’ imprisonment
Unlimited fine
What is the maximum penalty for tipping off regarding money laundering?
2 years’ imprisonment
Unlimited fine
Who are ‘relevant persons’ when it comes to money laundering?
Credit and financial institutions
Accountants in practice including auditors, insolvency practitioners, external accountants and tax advisers
Independent legal professionals, including solicitors and barristers
Estate agents
Casinos
‘High value dealers’ (those who sell goods for cash over 10,000 euros
What are the money laundering regulations designed to achieve?
to enable suspicious transactions to be recognised and reported to the law enforcement agencies; and
to ensure that if a client comes under investigation in the future, a relevant person can provide part of the audit trail.
When must relevant persons carry out client due diligence?
Relevant persons must carry out CDD measures when they:
establish a business relationship
carry out an occasional transaction
carry out a business formation service (even if it is a one-off)
suspect money laundering or terrorist financing
doubt the veracity or accuracy of information obtained
For how long must client records be kept by the practitioner when it comes to suspected money laundering?
Records must be kept for a minimum of five years.
What is the maximum penalty for non-compliance with Anti Money Laundering regulations?
maximum sentence is two years’ imprisonment or an unlimited fine, or both.
