Ethics, Rules of Conduct and Professionalism

Question 1

Anti-Bribery Legislation and two types of Bribery

Answer 1

The Bribery Act 2010 -

1. Active Bribery - offering or promising a bribe
2. Passive Bribery - accepting, agreeing to receive a bribe

Question 2

Anti-Money Laundering legislation

Answer 2

1. Proceeds of crime act 2002
   - main offences relating to money laundering
2. Terrorism Act 2000
   - primary offences related to terrorist financing - requires businesses to report suspicions
3. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the payer) Regulations 2017
   - checks and controls are required to be in place to prevent ML and TF
   - Risk based approach
   -Staff training

Question 3

Conflicts of interest types

Answer 3

1. Party
2. Own interest
3. Confidentiality

Question 4

How to deal with a conflict of interest?

Answer 4

Refer work or create information barriers. Require consent from client for second option.