Gifts, bribery and corruption

Question 1

What is the Key legislation regarding Bribery

Answer 1

Bribery Act 2010
Proceeds of Crime Act 2022

Question 2

what are the Six principles of the Bribery Act 2010

Answer 2

1. Proportionality
2. Top Level Commitment
3. Risk Assessment
4. Due diligence
5. Communication
   6 Monitoring and review

Question 3

What are the Four offences under the Bribery Act 2010

Answer 3

1. Bribing
2. Receiving a Bribe
3. Bribing a foreign public official
4. Failing to prevent a bribe

Question 4

Who Police’s The Bribery Act 2010?

Answer 4

Serious Fraud Office

Question 5

What is the maximum penalty if The Bribery Act is breached?

Answer 5

Individuals - 10 years imprisonment and/ or unlimited fine.
Companies - unlimited fine.

Question 6

What is Money Laundering

Answer 6

When proceeds of criminal activites are converted and realised as legitimate assets.

Question 7

What is the Key legislation regarding Money laundering

Answer 7

Money laundering, Terrorist financing and Transfer of funds Regulation 2017 - amended 2019

Question 8

What are the Key provisions of the Money laundering, Terrorist financing and Transfer of funds Regulation 2017

Answer 8

1. A requirement to have a written money laundering and terrorist financing risk assessment
2. Implement systems, policies and controls to address money laundering and terrorist financing risks.
3. Appropriate internal controls
4. Provide staff training
5. Comply with new customer, enhanced and simplified due diligence requirements
6. Comply with the requirements relating to Politically Exposed persons.
7. Ensure appropriate record keeping.
8. AML checks must be undertaken to confirm the identity of the proposed purchaser of a property and check source of financing.
9. include additional high-risk factors when assessing the need for enhanced due dilligence

Question 9

What are the requirements of letting agents to register with HMRC

Answer 9

If the let properties for more than the equivalent of 10,000 E

Question 10

When will EDD checks be required?

Answer 10

If red flags occur

Question 11

What is the penalty for failing to comply with the Money laundering, Terrorist financing and Transfer of funds Regulation?

Answer 11

Maximum 14 year prison sentence and/ or unlimited fine for assisting with money laundering
Maximum 5 year prison sentence and/ or unlimited fine for tipping of a person who is suspected

Question 12

what are the Red flags under the Money laundering, Terrorist financing and Transfer of funds Regulation 2017

Answer 12

1. Unwilling of parties to provide identity documents
2. Changes to parties involved in a transaction
3. Unusual transaction features, such as unexpected urgency required by parties, potential loss-making
4. Payment of fees, purchases or rental monies in unusual currencies.

Question 13

What are the main areas of offence under the Proceeds of Crime Act 2002

Answer 13

1. Concealing criminal property
2. Arrangements - Person enters or becomes concerned arrangement which they know or suspect
3. Acquisition use and possession - If a person acquires, uses or has possession of criminal activity

Question 14

What are the three parts of the RICS Professional Statement - countering bribery, corruption, money laundering and terrorist financing 2019?

Answer 14

1. Mandatory Requirements
2. Guidance setting out supporting good practice
3. Supplementary guidance on some of the concepts.