Money Laundering

What is the "safe harbour" provision in the FATF Recommendation?

• Protection of the banks against disclosure breach and civil litigation.

• Protection for the whistle blower for turning in his accomplices in crime

• All answers are correct

At a meeting of the G7 in 1989 the decision was taken to establish a body which would produce a set of measures to assist in the international fight against money laundering. Name the organization

• FATF - Financial Action Task Force

• OECD - Organization for Economic Cooperation and Development

• NATO - North Atlantic Treaty Organization

• UN - United Nations

What is "tipping-off" offense?

• Giving tips to the waitress in a restaurant

• When the customer/client about whom the report has been

  made was told about the reason for the transactional delay

• Failure to report a suspicious transaction

When does "failure to disclose" offense can be triggered?

• knows or suspects that another person is engaged in money laundering

• if a person has reasonable grounds for knowing or suspecting that another person is engaged in money laundering’

• All answers are correct

What is SAR?

• Suspicious Act Report

• Suspect Action Regulation

• Save All Royals

• Systemic Allowances Risk

Which US Act requires foreign financial institutions to report information on accounts of US persons and foreign entities in which US persons have substantial interests?

• US PATRIOT Act

• FATCA 2010

• Bank Secrecy Act 1970

Which bank paid $1.9 billion settlement in 2012 for charges against its US operations and for the failure to maintain an adequate Anti Money Laundering compliance programme?

• Santander

• Deutche Bank

• Lehman Brothers

• HSBC

Which Act is a primary legislation for Money Laundering in the UK?

• Proceeds of Crime Act 2002

• Bribery Act 2010

• Terrorist Act 2001

• Financial Services and Markets Act 2000

Which of the following is NOT one of the main three offenses are described in Part 7 of POCA 2002?

• conceal, disguise, convert, transfer, remove the criminal property from UK

• arranging and facilitating criminal property

• acquiring, using or processing criminal property

• conspiracy to aid and assist taxpayers in filing false income tax returns

What is the punishment on conviction for the three Money Laundering offenses?

• 14 year sentence and unlimited fine

• Unlimited fine

• up to 5 years of imprisonment

• up to 7 years of imprisonment or unlimited fine or both