Chapter 11 - Criminal law Flashcards
What does the term money laundering cover?
Proceeds of crime turned into legit money
What does proceeds of crime mean?
Any assets which have been procured by a criminal act
What are the different money laundering offences under Proceeds of Crime Act (POCA) 2002?
Concealing criminal property
Use/control of criminal property
Acquiring/using/possessing criminal property
What are the Money Laundering Regulations 2017?
Set out prescriptive approach in the form of a firm-wide written risk assessment
Amendments in 2019
Who do sole traders report suspicions of money laundering to?
National crime agency
If accountancy firms find discrepancies between of info about a customer what should they do?
Report to companies house
What are privelaged circumstances?
Limited to provision of legal advice and acting in respect of litigation
No ML report filed
What are the main offences of the Bribery Act 2010?
Bribing another person
Being bribed
Bribing a foreign official
Corporate failure to prevent a bribe
What does bribing another person entail?
Offering/promising/giving a financial offer/advantage to induce that person to perform an act improperly
What is the offence of being bribed?
Requesting/accepting/agreeing to receive financial offer/advantage to perform an act improperly
What is the offence of bribing a foreign public official?
Person offers/promises/gives financial offer/advantage to official/third party with official consent
What is the offence of corporate failure to prevent a bribe?
Commercial organisation fails to stop employee from accepting bribe
Who’s consent can institute proceedings under Bribery Act 2010?
Director of Public Prosecutions
Director of Serious Fraud Office
Director of Revenue and Customs Prosecutions
What is the max pen under Bribery Act 2010?
10 years imprisonment and/or unlimited fine
What are the offences punishable under Fraud Act 2006?
Fraud by false representation
Fraud by failing to disclose info
Fraud by abuse of position
What is the max pen for fraud under Fraud Act 2006?
10 years imprisonment and an unlimited fine
What are the controls that protect against cybercrime?
Firewalls
Secure settings
Malware protection
Patching
What does the Computer Misuse Act 1990 aim to do?
Secure computer material against unauthorised access or modification
What does the Computer Misuse Act make it illegal to do?
Obtain unauthorised access to computer material
Obtain unauthorised access with internet to commit offences
Making/obtaining/supplying articles for unauthorised access
What is fraudulent trading?
Business conducted with intent to defraud creditors
How is fraudulent trading punished?
Unlimited fine and/or imprisonment for up to 10 years under Companies Act 2006
What is fraudulent trading based on case law?
Dishonesty must be present
Intent to defraud
What are the punishments to directors found guilty of fraudulent trading?
Disqualification from being a directors for up to 15 years
Does fraudulent trading carry civil liabilities?
Yes for knowing persons
When does a civil offence apply?
Only in liquidation scenarios
What is insider dealing governed by?
Criminal justice act 1993
What is an offence in insider dealing?
Dealing in securities while in possession of inside info as an insider with price effect on the securities as a result of info
What is the max pen for insider dealing?
7 years imprisonment and/or unlimited fine
Is there an offence committed where info is disclosed as part of employment?
No
What legislation protects whistleblowers?
Public interest disclosure act 1998
What does the criminal finances act 2017 do?
Potentially makes companies criminally liable if involved in tax evasion of any form
Is market abuse civil or criminal law?
Civil
What is the accountancy sector fraud charter?
Voluntary agreement entered into by law enforcement agencies, pro supervisory bodies and government to deal with fraud
