Tipping Off Flashcards
What is meant by Tipping Off?
This is where an accountant who knows, or thinks they know that a report of money laundering has been made reports it to the person suspected.
Who are the people who can be warned of Money Laundering?
Money Laundering Reporting Officer (MLRO)
The NCA
The HMRC Fraud Hotline
The Police
What are the consequences of Tipping Off in regards to Money Laundering?
The person who ‘tips off’ the suspect can be prosecuted as well as the person doing the money laundering.
Does the person who ‘tips off’ have to intend to prejudice an investigation?
No.
What must an accountant do if they discover potential Money Laundering from an employer or client?
They must report their suspicions to the Money Laundering Reporting Officer or the NCA.
What must an accountant ensure when reporting suspicions of ‘tipping off’?
That they do not make the employer or client aware of this, as this would be considered ‘tipping off’
