Gaps2 Flashcards
What is the exclusivity rule
The exclusivity principle requires that challenges to a public body’s “purely public law” decisions or actions must take the form of judicial review proceedings. … If private law proceedings are brought to challenge the validity of a notice, they may be struck out as an abuse of process
What is affray
uses or threatens unlawful violence towards another and his conduct is such as would cause a person of reasonable firmness present at the scene to fear for his personal safety
What conditions can the police place on protests
Can limit location, duration and number of people to prevent serious public disorder, serious criminal damage and serious disruption to the life of the community
Can you continue to represent your client if you or another member of your firm will be a witness in their trial
No unless you are satisfied it won’t prejudice your independence, the interests of your client or the interests of justice
Can one client pay the bills of another client
Only if both clients consent as this is a loan from one client to another
How to record a cheque made payable to your firm but due to a client and the client asks you to endorse it to them
Normally client monies must be paid without delay into the client ledger account but if asked to endorse it may be withheld from the client ledger account instead it must be recorded on the books of ledger account as a receipt and payment on behalf of the client
Is it a crime to delete evidence relating to a money laundering investigation
Yes It is an offence to falsify, conceal, destroy or otherwise dispose of
Or cause or permit the falsification, concealment, destruction or disposal of
Documents which are relevant to the investigation
Are there any defences to the crime of deleting documents relating to a money laundering investigation
Yes 2 defences
Did not know or suspect that they were relevant to the investigation
And
Did not intend to conceal any facts disclosed by the documents from any appropriate officer carrying out the investigation
How much must a transaction be to require client due dilligence
1,000 euros
Or establish a business relationship
When can simplified due dilligence be carried out
if the business relationship or transaction presents a low degree of risk of money laundering and terrorist financing, having taken into account
Risk assessment
Relevant info
Risk factors
(Eg if they are a public institution, geographical factors and product service or transaction delivery channels)
What does simplified due diligence require
Normal requirements but may adjust the extent, timing or type of the measures
carry out sufficient monitoring of any business relationships to enable it to detect any unusual or suspicious transactions.
When must due diligence measures be applied
If the person
a) establishes a business relationship;
(b) carries out an occasional transaction that amounts to a transfer of funds within the meaning of Article 3.9 of the funds transfer regulation exceeding 1,000 euros;
(c) suspects money laundering or terrorist financing; or
(d) doubts the veracity or adequacy of documents or information previously obtained for the purposes of identification or verification.
Factors to take into consideration when determining whether to conduct due diligence for an existing customer
a) any indication that the identity of the customer, or of the customer’s beneficial owner, has changed;
(b) any transactions which are not reasonably consistent with the relevant person’s knowledge of the customer;
(c) any change in the purpose or intended nature of the relevant person’s relationship with the customer;
(d) any other matter which might affect the relevant person’s assessment of the money laundering or terrorist financing risk in relation to the customer.
What steps are required for normal due diligence
ID of client
Beneficial owners
Ongoing monitoring of business relationships
Obtain info on nature of business relationships
Do this to an extent in line with risk assessment and this will vary for case to case
When must client due dilligence be carried out
Before the establishment of a business relationship or the carrying out of the transaction
Can due dilligence ever be delayed
Provided that the verification is completed as soon as practicable after contact is first established, it may be completed during the establishment of a business relationship if
(a) this is necessary not to interrupt the normal conduct of business; and
(b) there is little risk of money laundering and terrorist financing.
What if due dilligence cannot be complied with
Cease to act and consider making NMLO disclosure.
When is enhanced due dilligence necessary
High risk of money laundering
Transaction with high risk third country
With a PEP, family or known close associate of PEP
They provided false or stolen ID docs but you decide to still deal with them
Transaction is unusual, large, odd pattern or of no purpose
What does enhanced due diligence require
Seeking additional independent sources to verify info
Additional measures to understand background, ownership and financial situation of client
Extra steps to ensure transaction is consistent with purpose and nature of business relationship
Increased monitoring of business relationships and scrutiny of transactions
In a partnership, who is responsible for the income tax calculations and preparation of the required tax forms?
Each partner needs to complete their own income tax form based on profits, and completion of a partnership return is required by one of the partners. The accountant can be involved in preparing all of the forms but the individuals will have to sign their own forms.
can self-employed persons and employees claim capital allowances for large purchases
only self-employed people can. Employees cannot claim business expenses.
are free promotional offers that are of virtually no intrinsic value capable of forming a unilateral contract
Yes
What does S13 of the sale of goods act imply into contracts for the sale of goods?
that goods will match their description. This applies even to innocent misrepresentation.
Who does the sale of goods act apply to
consumer - consumer and business - business. For consumer - business contracts use the CRA 2015.
