Ethics - Money Laundering 3 Flashcards
Describe the due diligence process prior to gift register requirements.
Make sure you are able to describe and explain in detail your role in due diligence prior to gift register requirements.
What should you consider if asked about acceptance of cash, gift, or hospitality in an interview?
Consider the Bribery Act 2010, The RICS Professional Standard, your organisation’s procedures, professional objectivity, openness and transparency, proportionality, tax implications, sanctions, and employment contract details.
What should property professionals be aware of regarding potential money laundering?
Property professionals should be aware of ‘red flags’ including inability or unwillingness of parties to provide identity documents, changes to parties involved in transactions, unusual transaction features, and payment of fees in unusual currencies.
What is the Sanctions and Anti-Money Laundering Act, 2018 about?
Under this legislation, wider sanctions have been issued in light of geopolitical activities such as the Ukraine conflict. HM Treasury’s Office of Financial Sanctions Implementation (OFS) provides regularly updated guidance regarding financial sanctions against countries, companies, and individuals.
What does the Proceeds of Crime Act 2002 provide powers for?
The Proceeds of Crime Act 2002 provides powers for enforcement authorities in the UK to recover in criminal and civil proceedings money and other assets which are deemed to be the proceeds of crime. It also creates a set of criminal offences intended to combat money laundering (AML offences).
What does the Economic Crime (Transparency & Enforcement) Act 2022 include?
The Economic Crime (Transparency & Enforcement) Act 2022 includes measures for a beneficial ownership register of overseas entities owning property in the UK, strengthens investigation powers regarding unexplained wealth orders (UWOs), and allows easier prosecution of those involved in sanctions-busting.
