Chapter 27 & 28 Flashcards
What is the purpose of AMLGAS?
to help accountants comply with UK legislation to prevent, recognise and report money laundering
who are supervisory money laundering bodies?
ATT and CIOT OR overseen by another CCAB member oganisation
who needs to be AML supervised
if you are carrying on a business in tax/accounting, you or your firm must be
who are those who are not a member of a listed professional body overseen by?
HMRC
who does not need to be supervised?
employee, fully retired member, working outside the UK, dont work in tax of accounting
when should you notify the ATT/CIOT of changes in details provided within application form?
within 14 days-e.g change in principal of firm particularly where they arent member of CIOT or ATT
when will a firm be contacted about it’s compliance with AML leg?
april/may each yr
when should the institute be notified?
if wish to withdraw registration on grounds of para 1.4, propose to wind up/subject of insolvency proceedings or otherwise cease to be liable to be supervised
where laws or regulations require no specific course of action?
‘should’ is used to indicate good practice
what does UK MLTF regime apply to only?
defined services carried out by designated businesses
what AML guidance may businesses use?
guidance issued by other trade and professional bodies, including the joint money laundering steering group
where a business relies on guidance other than that of it’s AML supervisory body?
must be able to justify its reliance
where is the law which comprises the UK MLTF in legislation?
proceeds of crime act 2002 and serious organised crime and police act 2005
where does the POCA 2002 lay out the 3 money laundering offences?
ss.327-329 and further in ss.330-331,333A,342
where does the terrorism act 2000 lay out offences?
ss.15-18
Who does AMLGAS cover?
auditors, external accountants, insolvency practitioner, tax adviser, trust or company service provider (defined services)
what does ‘in the course of business’ mean?
that a business receives payment for its services
do you need AML supervision if u only do pro bono work?
No
if a business is providing tax services through virtual/automated services?
the business is still providing ‘defined services’ BUT business providing software for accounting companies (e.g xero) are not providing a defined servce BUT will be if there is a level of human input to interpret the software etc
what should businesses who provide trust or company services think about?
HMRC guidance on this
need to be aware and alerted the risks posed by?
clients, suppliers, employees PLUS customers, suppliers, employees and associates of clients
what are the key elements of terrorism?
use or threat of action designed to influence a state or to intimidate or terrorise the public for the purpose of advancing a cause
what form may property take?
money or moneys worth, securities, reduction in a liability or tangible and intangible assets
what is terroist property also?
criminal property BUT this does not create a dual reporting obligation
