Money Laundering & Financial Services

 

Identify below the money laundering process which splits illegal monies upon receipt from the criminal, disguises the audit trail and breaking connections with the criminal offence; giving the impression of a legitimate financial transaction ?

• Integration

• Layering

• Washing

• Depositing

• Placement

Identify the risks to your law firm if you fail to have robust, fit for purpose, Anti-Money Laundering systems and procedures.

• Fines/imprisonment of the firms Directors

• Reduced revenue

• Loss of SRA authorisation to operate as a law firm

• None of these 3 options

• All of these 3 options

Politically Exposed Persons (PEPs) are identified as higher risk clients as they have been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. Click on the PEPs stated below (more than 1)

• Heads of government or heads of state.

• Social media influencers with 1,000,000+ followers

• Top military or judicial officials.

• Premiership footballers

• Senior politicians and government officials.

Advising your client that a potential investigation is being reviewed by the SRA is one of the following :

• Placement

• Tipping Off

• Suspicious Transaction reporting

• Layering

Identify below the three stages of money laundering of which you should inform your firm's "nominated officer" when discover evidence of the same ? 

• Intergration

• Depositing money in firm's client account

• Identity Fraud

• Placement

• Layering

Inspired by the TV program with the little blue people, what is ‘Smurfing’?

• Smurfing is a money-laundering technique involving the structuring of large amounts of cash into multiple small transactions.

• Smurfing is smuggling cash to foreign jurisdiction with less onerous AML regulations.

• Smurfing is a money-laundering technique involving post offices

• Smurfing is a money-laundering technique involving little blue people

• Smurfing is money-laundering technique where OCG's buy control of a bank in a country with less onerous AML regulations & launder their criminal proceeds through that bank

What is the maximum prison sentence that can be imposed for money laundering, pursuant to the UK Proceeds of Crime Act 2002 ?

• 2 years

• 4 years

• 7 years

• 14 years

Please identify below the Netflix film, "the Panama Papers"

(The Panama Papers 11.5 million leaked documents that were published starting on April 3, 2016. The papers detail financial and solicitor-client information for close to 1/4 million off-shore companies, Panamanian offshore law firm & legal service provider).

• The Launderette

• From Panama with love

• The Laundromat

• What Kenneth Noye did next ?

• Dirty Cash

According to https://www.transparency.org/ which country is most corrupt when you have considered their Corruption Perceptions Index as of 2020.

• Mexico

• Russia

• Guatemala

• Nigeria

• Somalia

According to https://www.transparency.org/ which country is least corrupt when you have considered their Corruption Perceptions Index as of 2020.

• Norway

• Denmark

• United Kingdom

• United Arab Emirates

• Switzerland