ACCA Applied Skills · Corporate and Business Law (Global) · Fraudulent and criminal behaviour
Calder Ltd's finance director, Imran, learns that a customer's large cash deposit is probably the proceeds of crime. He says nothing and processes the transaction normally. Which statement is most accurate regarding money laundering rules?
Imran may commit an offence. Money laundering rules generally require people who know or suspect that funds are criminal proceeds to report through the proper channel, and handling the transaction anyway can amount to assisting laundering. Personal benefit is not required, and the customer is not the only potential offender.
- ANo offence arises as long as Imran did not personally receive any benefit
- BImran may commit an offence by failing to report his knowledge or suspicion through the proper channelCorrect
- COnly the customer can commit an offence, since the company merely holds the money
Explanation
Money laundering regimes generally penalise assisting in laundering and failing to report knowledge or suspicion, whether or not the person benefits. The first option wrongly requires personal gain. The third is wrong because those handling the funds can also commit offences.
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