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Ethics CBE (ATT/CTA) > Money Laundering Guidance > Flashcards

Money Laundering Guidance Flashcards

1
Q

When does AMLGAS indicate that it would be good practice to follow a particular section of the guidance?

A

Alternative practices should always be used

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2
Q

According to the CIOT’s AML scheme rules, what is the required time period to notify the CIOT when you are retiring from a supervised firm?

A

14 days

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3
Q

What are examples of people covered by the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017?

A

A trust or company service provider
An in house accountant
A tax adviser

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4
Q

True or false, preparing your mother’s tax return as a favour at home while on annual leave falls within the scope of Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017?

A

False

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5
Q

True or false, you usually charge for your services but take on your first pro bono client this falls within the scope of Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

A

True

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6
Q

True or false, you are employed and make a written undertaking to prepare a local charity’s gift aid reclaim in your spare time without charging, this falls within the scope of Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

A

False

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7
Q

True or false, you spend two free evenings a month assisting with your brother’s PAYE obligations for £10 per evening, this falls within the scope of Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017?

A

True

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8
Q

Which Act lays out the 3 key money laundering offences?

A

The proceeds of crime act 2002

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9
Q

What are the 3 principal money laundering offences under the Proceeds of Crime Act 2002?

A

Concealing or disguising
Entering into an arrangement
Acquisition, use or possession

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10
Q

With regard to the money laundering offence under s329 POCA 2002 of acquisition, use and possession, is it significant whether not the criminal property has been paid for?

A

Yes, it is a defence if there was adequate consideration

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11
Q

Under s330 of the Proceeds of Crime Act 2002, to avoid being guilty of failure to disclose, an individual is expected to make a report regarding money laundering , when?

A

As soon as is practicable

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12
Q

What is the maximum penalty for a tax adviser convicted of one of the primary money laundering offences?

A

14 years imprisonment and fine

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13
Q

What is the status of the CCAB AMLGAS for a CIOT member?

A

Approved and adopted by the CIOT

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14
Q

You form a partnership providing tax services, neither of you belong to a professional body although you used to be part of CIOT, which organisation will supervise your partnership for AML compliance?

A

HMRC

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15
Q

Does providing services pro bono for a limited company fall under AML regulations?

A

No

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16
Q

Does providing services pro bono as a volunteer on a private basis for a charity fall under AML regulations?

A

No

17
Q

What is the situation regarding AML supervision for a CTA who has no professional qualifications and is only a member of the CIOT?

A

The CTA must register to be supervised for AML compliance with the CIOT

18
Q

What is considered money laundering under the AMLGAS guidance?

A

Transferring criminal property
Possessing the proceeds of one’s own crime
Concealing criminal property or entering into arrangements to assist others with concealing criminal property

19
Q

Is using public funds to defray expenses considered money laundering?

A

No

20
Q

Is distributing criminal property an offence under s.327 POCA 2002?

A

No

21
Q

What are the money laundering offences under POCA 2002 s.327?

A

Disguising criminal property
Converting criminal property
Concealing criminal property

22
Q

What money laundering offences only apply within the regulated sector?

A

Failure to report
Tipping off

23
Q

What money laundering offences do not only apply to the regulated sector?

A

Failure to disclose
Prejudicing an investigation

24
Q

What is the maximum penalty for money laundering according to the Proceeds of Crime Act 2002?

A

14 years prison and unlimited fine

25
Q

What is the minimum sentence for money laundering according to the Proceeds of Crime Act 2002?

A

2 years prison and/or a fine

26
Q

What does the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 contain?

A

The anti money laundering and terrorist financing systems and controls that businesses must put in place and the related offences

27
Q

When is a member expected to complete and submit an anti AML annual return each year, detailing the firm’s compliance with AML legislation?

A

April-May

Ethics CBE (ATT/CTA) (30 decks)

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