ExpertEasy2 marksMultiple Choice
ACCA · Question 25 · Corporate fraudulent and criminal behaviour
An accountant suspects that a client is using their business to launder money. The accountant files a Suspicious Activity Report (SAR) with the National Crime Agency. The next day, the accountant calls the client and says, "Be careful, I had to report you to the authorities."
Which specific money laundering offence has the accountant committed?
An accountant suspects that a client is using their business to launder money. The accountant files a Suspicious Activity Report (SAR) with the National Crime Agency. The next day, the accountant calls the client and says, "Be careful, I had to report you to the authorities."
Which specific money laundering offence has the accountant committed?
Answer options:
A.
Failure to disclose.
B.
Concealing criminal property.
C.
Tipping off.
D.
Prejudicing an investigation.
How to approach this question
Identify the action: warning the suspect about the report. Match this to the specific offence in the Proceeds of Crime Act 2002.
Full Answer
C.Tipping off.✓ Correct
Under section 333A of the Proceeds of Crime Act 2002, it is an offence (known as 'tipping off') for a person in the regulated sector (like an accountant) to disclose that a Suspicious Activity Report (SAR) has been made, or that a money laundering investigation is being contemplated or carried out, if that disclosure is likely to prejudice the investigation.
Common mistakes
Confusing 'tipping off' with 'failure to disclose'. The accountant complied with the disclosure requirement but failed the secrecy requirement.
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