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Ethics CBE > Chapter 26 > Flashcards

Chapter 26 Flashcards

1
Q

What is money laundering?

A

It includes all forms of using or possessing criminal property regardless of how it was obtained.

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2
Q

Who are the supervisory bodies in regards to money laundering?

A

CIOT and ATT for members overseen by CIOT or ATT.

If a member not overseen by a listed professional body, their supervisory body is HMRC

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3
Q

Who needs to be supervised by a supervisory authority?

A

If you are carrying out business in the tax and accounting sector, you or your firm must be supervised

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4
Q

Who doesn’t need to be supervised by a supervisory authority?

A

If you are:

  • An employee
  • Fully retired member
  • Work entirely outside the UK
  • If you don’t work in tax and accounting sector
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5
Q

As a member of the CIOT/ATT, am I automatically supervised for AML regulations?

A

No - you need to apply for AML supervision

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6
Q

What’re the firm’s obligations in regards to CIOT/ATT AML supervisions scheme?

A

A firm must:
• Comply with the UK AML/CTF legislation
• Conduct its practice in accordance with the laws of CIOT/ATT
• Comply with the CIOT and ATT AML Scheme rules

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7
Q

In how many days must a registrant notify the association of any change in details provided in application form?

A

14 days

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8
Q

The UK anti-money laundering regime applies to what?

A

Defined services carried out by designated businesses.

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9
Q

What do POCA and TA 2000 contain?

A

Offences that can be committed by individuals or organisations

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10
Q

Are branches and subsidiaries outside the UK which have their day to day management from the UK included in the scope of UK AML regulations?

A

Yes

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11
Q

Do you need to register for AML supervision if only do pro bono work?

A

No

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12
Q

Regulation 11(c) of the 2017 regulations defines an external accountant as what?

A

As someone who provides accountancy services to other persons by way of business

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13
Q

Criminal property can take many forms, give examples of these

A
  • Money or Money’s worth
  • Securities
  • A reduction in liability
  • Tangible or intangible property
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14
Q

what can money laundering activity include?

A
  • a single act
  • Complex and sophisticated schemes
  • Multiple methods of handling and transferring criminal property
  • Concealing criminal property or entering into arrangements to assist others to conceal criminal property
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15
Q

What do terrorist financing offences relate to?

A
  • fund-raising for terrorist activities
  • using or possessing terrorist funds
  • Entering into funding arrangements for terrorism
  • Money laundering (s.28 TA 2000)
  • Disclosing info related to the commission of an offence
  • Failing to make a disclosure in the regulated sector
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16
Q

Someone commits a money laundering offence if they….

A
  • conceal, disguise, convert, transfer or remove criminal property from England and Wales
  • enter into, or become involved in and arrangement which they know or suspect facilitates the acquisition, retention, use or control of criminal property
  • acquire, use or possess criminal property
17
Q

What is the max punishment for ML?

A

14 years of imprisonment or an unlimited fine

18
Q

How does one commit a ML offence?

A

If they conceals, disguises, converts, transfers or removes criminal property from England and Wales or from Scotland or Northern Ireland

19
Q

A ML offence hasn’t been committed if what?

A
  • The person involved didn’t know or suspect that they were dealing with proceeds of crime
  • A report of the suspicious activity is made promptly to: MLRO, NCA and SAR is made
  • There is reasonable excuse for not reporting
  • the conduct which gave rise to criminal property is a) reasonably believed to have occurred in a place where it is legal and b) would have carried a max sentence of 12 months or less
20
Q

What does SAR stand for?

A

Suspicious activity report

21
Q

Does an individual commit and offence if they fail to disclose any information on suspicious behaviour?

A

Yes, unless they have a reasonable excuse for not disclosing the information or another matter / if they are a professional legal adviser / have no knowledge or suspicious and hasn’t received AML training

22
Q

Is it an offence to disclose to a third part that a SAR has been made by any person if that disclosure might prejudice any investigation?

A

Yes

23
Q

What is the penalty if one prejudices any investigation?

A

Imprisonment for a max of 2 years and/or a fine

Ethics CBE (31 decks)

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