ACCA Strategic Professional · Advanced Audit and Assurance (International) · Money laundering
Which of the following best describes the principal money laundering offences that apply to an audit firm and its staff under typical legislation addressed in the AAA syllabus?
The principal offences are the primary ones of concealing, arranging, and acquiring, using or possessing criminal property, together with the related offences of failing to report suspicion and tipping off. Other options are far too narrow or concern unrelated misconduct.
- AOnly handling cash from clients
- BConcealing, arranging, acquiring or using criminal property, plus failing to report and tipping offCorrect
- COnly failing to report knowledge of terrorism
- DOnly preparing false financial statements for clients
Explanation
Typical money laundering legislation creates primary offences of concealing, arranging, and acquiring, using or possessing criminal property, together with offences of failing to report suspicion and tipping off. The other options describe too narrow or unrelated conduct.
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