Technical factsheet 94 - Anti-money laundering (proceeds of - ACCA

33 Pages·2006·0.24 MB·English

Technical Factsheet 94
Anti-money Laundering (Proceeds of Crime and Terrorism)
Second Interim Guidance for Accountants Published February 2004

CONTENTS Appendix II: Criminal Offences Under the Anti-Money
Page Laundering Legislation
1 Executive Summary 2 Appendix III: Tipping Off
2 Background and Purpose 3 Appendix IV: Sources of Additional Guidance
3 The Legislation 5
4 Money Laundering 6
5 Offences 7 This statement was issued by the Consultative Committee
6 Knowledge and Suspicion 7 of Accountancy Bodies in February 2004 and amended in
7 Absence of De minimis Concessions 9 March 2004. This statement is published by ACCA on
8 Client Confidentiality 9 behalf of the Consultative Committee of Accountancy
9 Tipping Off 9 Bodies.
10 Tax Related Offences 10
11 Penalties 11 This factsheet should be read in conjunction with ACCA’s
12 Legal Privilege 11 Rulebook 2004 (Section 3.3.1) and other guidance issued
13 Geographical Coverage & Extra-territoriality 12 by ACCA.
14 What Businesses Need to Do 12
15 The MLRO 13 The Serious Organised Crime Agency

16 Training 14
The Serious Organised Crime Agency (SOCA) was launched
17 Internal Procedures 14
on 1 April 2006. SOCA was established by the Serious
18 Identification Procedures 15
Organised Crime and Police Act 2005 (SOCAP) and
19 Banking and Client Money 16
brought together the National Crime Squad, the National
20 Reporting Suspicions to NCIS and
Criminal Intelligence Service, the part of HM Revenue and
Requesting Consent 16
Customs that dealt with drug trafficking and associated
21 Constructive Trusts 19
criminal finance, and the part of the U.K immigration
22 Interaction of Different Reporting Duties 19
service that dealt with organised immigration crime.
23 Risk-based Approach 20

24 What Businesses Are Not Required To Do 20
The following website link provides details in respect of
25 Transitional Arrangements 21
making disclosure reports which will now need to be made
26 Money Laundering Legislation Outside the
though SOCA and not NCIS.
UK 22

27 Non-Practising Accountants 22
http://www.soca.gov.uk/financialIntel/disclosure.html
28 Definitions and Abbreviations 23

Therefore, please note references in this factsheet to NCIS
Appendix I: NCIS Disclosure Form and Guidance
have not been changed to SOCA.
Notes
ACCA UK
The Association of Chartered Certified Accountants 29 Lincoln’s Inn Fields London WC2A 3EE United Kingdom
tel: [phone] fax: [phone] e-mail: [email protected] www.accaglobal.com
1 EXECUTIVE SUMMARY constitutes money laundering, and how it can be
reported, is given below, together with further
ALL ACCOUNTANTS WORKING IN THE UK guidance on requirements for those employed in

relevant business.
I Accountants are covered by two pieces of anti-

money laundering legislation, the Proceeds of Crime
IV Accountants working wholly or mainly outside the
Act 2002 (the Act) and the Money Laundering
UK will still need to exercise caution in relation to
Regulations 2003 (the Regulations) which come
the UK legislation. The legislation will apply to
into force on 1 March 2004, along with the existing
those who carry out any professional work in the
Terrorism Act 2000 (as amended by the Anti-
UK, even where this takes the form of a limited
terrorism Crime and Security Act 2001) (the TA
assignment or an occasional client meeting.
2000). These introduce major changes to

accountants’ responsibilities, and potential criminal
ACCOUNTANTS WORKING IN RELEVANT BUSINESS,
liability, for all accountants working in the UK, but
INCLUDING ACCOUNTANCY PRACTICE
particularly for accountants working in practising

firms and any other relevant business (as defined
V Accountants working in practice or other relevant
in the Regulations ).
business must report knowledge or suspicions of

money laundering (whether involving a client or
II Money laundering now includes possessing, or in
other party) to NCIS, or in accordance with their
any way dealing with, or concealing, the proceeds
employer’s anti-money laundering procedures, or
of any crime. It has a very wide definition, details of
otherwise face the prospect of criminal liability.
which are contained in the Act. For the purposes
This includes circumstances where such
of this guidance, it also involves similar activities
accountants should have been suspicious (i.e.,
relating to terrorist funds, which include funds that
where they have reasonable grounds for suspicion)
are likely to be used for terrorism, as well as the
as well as where they are suspicious. Reports can
proceeds of terrorism.
be faxed to NCIS on 0207 238 8286.

III Any person involved in any known or suspected
VI Relevant businesses will have to:
money laundering activity in the UK risks a

criminal conviction carrying a jail term of up to
(cid:131) appoint a nominated officer (usually known as
fourteen years. In assessing whether an individual
the money laundering reporting officer or MLRO
had knowledge or suspicion, the Courts are likely to
and referred to as such in this guidance) to
take into account the level of skill and experience
receive money laundering reports from
held by that individual, including a professional
colleagues and to make reports to NCIS
qualification. “Knowledge” in this context is likely to
(cid:131) train relevant principals and employees on the
include wilful blindness. It is a defence against a
requirements of the legislation, including how to
charge of money laundering to make a disclosure to
recognise and deal with potential money
the National Criminal Intelligence Service (NCIS) or
laundering, how to report to the MLRO, and
in accordance with an employer’s anti-money
how to identify clients
laundering procedures (if any). Guidance on what
2
(cid:131) verify the identity of new clients and keep (cid:131) the Chartered Institute of Management
records of the evidence obtained Accountants
(cid:131) establish appropriate internal procedures to (cid:131) the Chartered Institute of Public Finance and
forestall and prevent money laundering. Accountancy.

These obligations will apply to sole practitioners and also for any other persons acting as an
with employees. Sole practitioners without accountant, whether or not they are engaged in
employees will have slightly different legal relevant business (including the provision of
requirements, because they do not have to appoint accountancy services by way of business). The
an MLRO, but in other respects are recommended term “accountancy services” is not defined in
to follow this guidance. either the Proceeds of Crime Act 2002 (the Act) or
the Money Laundering Regulations 2003 (the
VII Businesses, principals and employees face 2003 Regulations) but a definition has been
significant criminal penalties where they breach the included in section 28 below. The guidance is also
requirements of the new legislation. recommended for use by those providing
insolvency services, tax advice, audit services or
VIII The Proceeds of Crime Act came into force on 24 services in relation to the formation, operation or
February 2003. For accountants undertaking management of a company or trust, to the extent
investment business, and any other accountants that these are not covered by guidance issued by a
who were subject to the Money Laundering more appropriate body.
Regulations 1993, the reporting offences in the Act
applied from 24 February 2003. However, the 2.2 Much of the guidance relates to procedures
new offence, of failure to report a money required of businesses and individuals carrying out
laundering suspicion, as well as the requirements relevant business. However, all accountants are
outlined in paragraph VI, will impact accountants in recommended to be aware of the primary money
practice, and in other sectors providing relevant laundering offences, how they might be committed
business for the first time, from 1 March 2004. and how they should be reported to NCIS. The term
“relevant business” is discussed further in section
2 BACKGROUND AND PURPOSE 27.4 below.

2.3 The primary legislation covered by this guidance is
2.1 This guidance has beend prepared for the members
the Act, sections 327-340, section 342 and
of the following CCAB bodies working in the UK:
Schedule 9 and the Terrorism Act 2000 (as

amended by the Anti-terrorism Crime and Security
(cid:131) the Institute of Chartered Accountants in
Act 2001) (the TA 2000) and associated
England and Wales
regulations. The guidance covers relevant sections
(cid:131) the Institute of Chartered Accountants in Ireland
of the 2003 Regulations, which are Treasury
(cid:131) the Institute of Chartered Accountants of
regulations implementing the Second EC Money
Scotland
Laundering Directive (2001/97/EC). The 2003
(cid:131) the Association of Chartered Certified
Regulations were laid before Parliament on 28
Accountants
3
November 2003 and come into force 1 March principals and employees. The obligations on
2004 for purposes relevant to this guidance. individuals are generally dealt with separately from
the obligations on businesses. However,
2.4 This guidance does not deal with the requirements individuals should familiarise themselves with the
of the Financial Services Authority’s (FSA) Money obligations imposed on businesses.
Laundering Sourcebook (to which businesses with
an FSA authorisation must have regard). However, 2.8 The Act and the 2003 Regulations impose different
it does cover the requirements on firms with a obligations depending on the nature of the
licence to provide non-mainstream financial business’s or individual’s business or role. The
services from one of the CCAB bodies, under the principal distinctions are that the 2003
Designated Professional Body provisions of Chapter Regulations apply only to those conducting
XX of the Financial Services and Markets Act 2000. relevant business and set out the systems and
procedures required to be implemented by such
2.5 This guidance is intended to assist individuals and businesses. The Act and the TA 2000 impose
businesses to understand and comply with the extended reporting offences on those in the
requirements of the Act, the TA 2000 and the regulated sector. The scope of “relevant business”,
2003 Regulations. This guidance does not as defined in the Regulations and the “regulated
constitute legal advice and businesses should be sector” as defined in the Act and the TA 2000 are
aware that alternative interpretations of the law identical. In this guidance the term “relevant
may be possible. If businesses wish to adopt business” is applied to both. When reading this
alternative interpretations they are encouraged to guidance, businesses and individuals who do not
take legal advice first. Similarly, for situations and carry out relevant business need to interpret the
issues not covered by this guidance, it may be guidance accordingly. This guidance assumes that
appropriate for businesses to obtain legal advice. many businesses and most accountancy firms will
find it easier, and possibly more effective, to apply
2.6 This guidance has not been approved by the
the requirements to all of their services and has
Treasury. However, the Courts will be free to take
therefore been drawn up on that basis. That is,
it into account in relation to the work of
however, a decision for each business to take.
accountants and related trades and professions, as

will regulators and in particular the disciplinary
2.9 The Act imposes criminal sanctions on anyone who
functions of the professional bodies for
commits an offence of money laundering, tipping
accountants.
off or prejudicing an investigation. It also creates a

reporting offence for MLROs in the non-regulated
2.7 The Act and the 2003 Regulations impose
sector. The money laundering offences under the
obligations both on organisations and individuals.
TA 2000 are defined differently, notably to include
The term businesses is used throughout this
funds intended for use in terrorism, as well as the
document to refer to organisations undertaking
proceeds of terrorism. The TA 2000 also requires
relevant business including any body or sole
everyone forming a belief or suspicion of terrorist
practitioner providing accountancy services by way
money laundering in the course of their trade or
of business. The term individuals refers to both
profession to make a report. None of these
4
requirements are confined to those in the regulated section 388 of the Insolvency Act 1986 or
sector. Article 3 of the Insolvency Northern Ireland
Order 1989;
2.10 More detail on the offences under the legislation are (cid:131) the provision by way of business of advice about
given in Appendix II. Definitions and abbreviations the tax affairs of another person;
are provided in section 28. (cid:131) the provision by way of business of audit services
by a person who is eligible for appointment as a
3 THE LEGISLATION company auditor under section 25 of the
Companies Act 1989 or Article 28 of the
3.1 The Proceeds of Crime Act Companies (Northern Ireland) Order 1990;
The Act re-defines money laundering and the money (cid:131) the provision by way of business of services in
laundering offences. It creates new mechanisms for relation to the formation, operation or
investigating and recovering the proceeds of crime, management of company or a trust and
and revises and consolidates the requirement on (cid:131) dealing in goods, whenever a transaction involves
businesses and individuals to report knowledge of, accepting a cash payment of 15,000 euro or
suspicion of or reasonable grounds to suspect money more (high value dealers).
laundering.
Further discussion of relevant business is included in
3.2 The 2003 Regulations section 27 below.

3.2.1 Whilst the 2003 Regulations replace and 3.2.3 The key requirements imposed on businesses by the
significantly expand the scope and coverage of the 2003 Regulations include the requirement to
Money Laundering Regulations 1993 (the 1993 establish procedures to confirm the identity of new
Regulations), the “failure to report” offences clients, to appoint a Money Laundering Reporting
introduced by the Act have applied to businesses Officer (MLRO) to whom principals and employees
and individuals conducting business within the scope must make money laundering reports, to establish
of the 1993 Regulations since 24 February 2003. systems and procedures to forestall and prevent
The money laundering offences (ss 327-328), and money laundering, and to provide relevant
those of tipping off( s(333) and prejudicing an individuals with training on money laundering and
investigation (s342) have applied to all individuals awareness of the business’s procedures in relation to
since 24 February 2003. money laundering. These requirements are set out
more fully in section 14.2 below.
3.2.2 The 2003 Regulations apply to relevant business,
and extend the previous definition of relevant 3.3 The TA 2000
financial business to include, inter alia:
3.3.1 The third key component of money laundering
(cid:131) the provision by way of business of
legislation is the TA 2000, which relates to the
accountancy services
proceeds of terrorism and terrorist financing. The
(cid:131) the activities of a person appointed to act as an
relevant offences under the TA 2000 and the
insolvency practitioner within the meaning of
5
Terrorism (United Nations Measures) Order 2001 4.3 Property is criminal property if it:
are summarised in Appendix II.
• constitutes a person’s benefit in whole or in part
3.3.2 The interaction of the Act, the TA 2000 and the (including pecuniary and proprietary benefit)
2003 Regulations means that, in general, from criminal conduct; or
businesses and individuals will now be required to • represents such a benefit directly or indirectly,
make a report where there are reasonable grounds in whole or in part; and
to know, believe or suspect money laundering • the alleged offender knows or suspects that it
whenever such grounds come to the business or constitutes or represents such a benefit.
individual in the course of the firm’s business.
Further detail is provided in Appendix II. 4.4 Criminal conduct is conduct which constitutes an
offence in any part of the United Kingdom or would
4 MONEY LAUNDERING constitute an offence in any part of the United
Kingdom if it occurred there.
4.1 Money laundering is the term used for a number of
offences involving the proceeds of crime or terrorist 4.5 For the avoidance of doubt criminal property
funds. It now includes possessing, or in any way includes (but is by no means limited to):
dealing with, or concealing, the proceeds of any
crime. For the purposes of this guidance, it also • the proceeds of tax evasion
involves similar activities in relation to terrorist • a benefit obtained through bribery and
funds, which include funds that are likely to be corruption (including both the receipt of a bribe
used for terrorism, as well as the proceeds of and the income received from a contract
terrorism. obtained through bribery or the promise of a
bribe)
4.2 Someone is engaged in money laundering under (cid:131) benefits obtained, or income received, through
the Act where they: the operation of a criminal cartel; and
(cid:131) benefits (in the form of saved costs) arising
• conceal, disguise, convert, transfer or remove from a failure to comply with a regulatory
(from the United Kingdom) criminal property requirement, where that failure is a criminal
• enter into or become concerned in an offence.
arrangement which they know or suspect
facilitates (by whatever means) the acquisition, 4.6 It should be noted that there are thousands of
retention, use or control of criminal property by criminal offences in the United Kingdom which, if
or on behalf of another person; or committed, are likely to result in a person
• acquire, use or have possession of criminal benefiting from an offence and, if he has the
property necessary knowledge or suspicion, thereby
committing one of the money laundering offences.
And they know or suspect that the property in Both the money laundering offences and criminal
question constitutes or represents a benefit from property are very widely defined. Further
criminal conduct.
6
information, including the statutory references, is suspicion or reasonable grounds to know or suspect
included in Appendix II. that a criminal offence, which gives rise to criminal
proceeds, has been committed. This applies
4.7 An element of intent is required before many regardless of whether that offence has been
criminal offences can be committed. For example, committed by a client or by any other party. The
theft can only be committed where the offender is report must be made as soon as practicable. The
dishonest and has an intent to permanently breadth of the definition of money laundering is
deprive. Where no offence has been committed, no demonstrated by the fact that it includes the
money laundering can arise. In some cases, where possession of the proceeds of an offender’s own
the monetary proceeds of a suspected theft or tax crime. Some examples include cost savings
fraud are small, it may be that the perpetrators resulting from breaches of health and safety
were acting in error, or in the mistaken impression regulations, property acquired by theft, cartel
that they had permission to act as they did. offences under the Enterprise Act, and tax evasion
However, in cases where there are reasonable (both of direct and indirect taxes).
grounds to suspect that an offence has been
committed, a report must be made. It may be that 5.3 In addition to the offences under the Act, all
criminal intent is suspected where, for example, persons, individuals and businesses alike, already
there is a pattern of suspect behaviour, or where have an obligation to report belief or suspicion of
the act giving rise to the proceeds is clearly the proceeds from, or finance likely to be used for,
criminal, such as acts involving drug trafficking, terrorism, or its laundering. This obligation relates
paedophilia or terrorism. to information that came to them in the course of
their business or employment. This is required by
5 OFFENCES the TA 2000 which is applicable throughout the
United Kingdom whether or not persons are
5.1 The main money laundering offences are set out in involved in regulated or relevant business. Where
sections 327 to 329 of the Act. Further offences individuals are involved in business in the regulated
relating to the requirements to report money sector, they have an obligation to make a report
laundering, and tipping-off, are set out in sections where there are reasonable grounds for them to
330 to 333. Additional offences are contained in know or suspect that the relevant offence under the
sections 336 and 342 of the Act and in the TA TA 2000 has been committed, as well as when
2000 and related regulations. More detailed they have actual knowledge. Reports in relation to
information on these offences is contained in terrorism may be made using the NCIS disclosure
Appendix II. report in the same way as for reports under the
Act.
5.2 The key point to note is that the Act introduces an
‘all crime’ reporting regime. That is, money 6 KNOWLEDGE AND SUSPICION
laundering offences can relate to the proceeds of
any criminal activity. This effectively means that 6.1 Generally speaking, knowledge is likely to include:
MLROs will need to report to the National Criminal
Intelligence Service (NCIS) when they have
7
• actual knowledge are “reasonable grounds” for knowledge or
• shutting one’s mind to the obvious suspicion in a particular case. “Reasonable
• deliberately refraining from making inquiries, grounds” should not be confused with the existence
the results of which one might not care to have of higher than normal risk factors which may affect
• deliberately deterring a person from making certain sectors or classes of persons. For example,
disclosures, the content of which one might not cash-based businesses or complex overseas trust
care to have and company structures may be capable of being
• knowledge of circumstances which would used to launder money, but this capability of itself
indicate the facts to an honest and reasonable is not considered to constitute “reasonable
person grounds”. Existence of higher than normal risk
• knowledge of circumstances which would put factors require increased attention to gathering and
an honest and reasonable person on inquiry and evaluation of “know your customer” information,
failing to make the reasonable inquiries which and heightened awareness of the risk of money
such a person would have made. laundering in performing professional work, but do
not of themselves require a report of suspicion to
6.2 Suspicion is not defined in existing legislation. be made.
Case law and other sources indicate that suspicion
is more than speculation but it falls short of proof 6.5 For “reasonable grounds” to come into existence,
or knowledge. Suspicion is personal and subjective there needs to be sufficient information to advance
but will generally be built on some objective beyond speculation that it is possible that someone
foundation and so there should be some degree of is laundering money, or a generalised assumption
consistency in how a business’s MLRO treats that low levels of crime (e.g. not declaring all cash
possible causes of suspicion. takings) are endemic in particular sectors.

6.3 Businesses should also be alert to the fact that an 6.6 Considering the following three points may be of
objective test applies to the offence of failure to assistance in determining whether there are
report in the regulated sector under section 330 of reasonable grounds for knowledge or suspicion that
the Act and under the TA 2000. That is, someone is committing a money laundering
businesses, and individuals, would commit an offence:
offence even if they did not know or suspect that a
money laundering offence was being committed, if • does the conduct under scrutiny fall within that
they had reasonable grounds for knowing or which is potentially criminal?
suspecting that it was. In other words, if another • if so, is the person or entity under scrutiny
reasonable person in the same position would have suspected of having engaged in this conduct
been suspicious and made a report, a person who such that proceeds resulted?
does not make a report may have committed an • what factors and information have led to the
offence. formation of knowledge or suspicion, i.e. how
will the grounds for the report be described to
6.4 In considering whether a report is required, NCIS?
judgement needs to be made about whether there
8
It is important to note section 340(3)(b) of the Act engaged in money laundering. Additional guidance
which specifies that “property is criminal property if on the appropriate action to be taken under these
it constitutes a person’s benefit from criminal circumstances is given elsewhere in this guidance
conduct ... and the alleged offender knows or and particularly in section 6 and paragraph 4.7.
suspects that it constitutes or represents such a
benefit”. 8 CLIENT CONFIDENTIALITY

6.7 The client confidentiality over-ride provisions 8.1 The making of a report based on knowledge,
contained in sections 337(1) and 338(4) are only suspicion or reasonable grounds for such takes
available in certain circumstances. The precedence over client confidentiality
requirements include: considerations. The Act provides protection for any
breach of any duty under the laws of the
• knowledge or suspicion, or reasonable grounds constituent parts of the United Kingdom to keep
for knowledge or suspicion, that a person has confidential the information that gives rise to the
committed a money laundering offence (section knowledge, suspicion, or reasonable grounds to
337(3)); or suspect money laundering. These provisions apply
• a prohibited act (acts mentioned in sections to those inside or outside the regulated financial
327(1), 328(1) or 329(1)) will be or has been sector, and include reports that are made
committed. voluntarily in addition to reports made in order to
fulfil reporting obligations.
Disclosure without reasonable grounds for
knowledge or suspicion will increase the risk of a 8.2 The MLRO should disclose all information that is
business or an individual being open to an action relevant to the suspicion and the type of report
for breach of confidentiality. being made. There may well be many details that
are not relevant that should not be disclosed.
7 ABSENCE OF DE MINIMIS CONCESSIONS
8.3 Similar protection is provided under the TA 2000.
7.1 Money laundering reports need to be made
irrespective of the quantum of the benefits derived 8.4 For guidance in relation to information subject to
from, or the seriousness of the offence. This is legal professional privilege, see section 12 below.
necessary because there are no de-minimis
concessions contained in the Act, the TA 2000 or 9 TIPPING OFF
the 2003 Regulations.
9.1 Care should be taken not to tip off a money
7.2 The lack of de minimis concessions does not mean launderer, as this will constitute an offence under
that accountants are required to report instances in the Act. There are also similar offences under the
which they are aware of matters which merely give TA 2000. The offence can be committed when
a higher than normal reason for speculation or a there is knowledge or suspicion that a report has
raised level of professional scepticism, rather than been made, or, for terrorism related offences, also
reasonable grounds to suspect that someone is that a report will be made. This includes internal
9
reports made to a nominated officer (i.e. the 10 TAX RELATED OFFENCES
MLRO). Similarly, if any disclosure is made which
is likely to prejudice any investigation by the 10.1 Tax related offences are not in a special category.
authorities, an offence may be committed. The proceeds or monetary advantage arising from
Businesses should exercise caution when tax offences are treated no differently from the
disseminating knowledge that a money laundering proceeds of theft, drug trafficking or other criminal
suspicion has arisen, and that a report has been conduct. This includes tax offences committed
made. More detailed guidance on the offence of abroad if the action would have been an offence
tipping-off is contained in Appendix III. were it to have taken place in the United Kingdom.
There is no need for there to be any consequential
9.2 Tipping off will only arise where disclosures are effect on the United Kingdom’s tax system.
made which are likely to prejudice an investigation
which might be conducted following the report. 10.2 Tax evasion offences will fall within the definition of
This does not prevent businesses and individuals money laundering. This includes both the
discussing with clients, and advising on, issues underdeclaring of income and the overclaiming of
regarding prevention of money laundering or other expenses. For direct tax, common criminal
related matters, on a non-specific basis. Similar offences generally involve some criminal intent or
considerations apply to the offence of prejudicing dishonesty. For indirect tax section 167(3)
an investigation, outlined in Section 9.3 below. Customs and Excise Management Act 1979
provides that a wide range of innocent/accidental
9.3 It must be noted that, whilst tipping off requires a errors are criminal offences even though they are,
person to have knowledge or suspicion that a report in practice, generally dealt with under the civil
has been or will be made, a further offence of penalty regime. The effect of Section 340 of the
prejudicing certain investigations is included in Part Act is that there cannot be a money laundering
8 of the Act. Under this provision, it is an offence offence where the person involved does not know or
to make any disclosure which may prejudice an suspect that a benefit results from criminal
investigation of which a person has knowledge or conduct. One interpretation of the law is that
suspicion, or to falsify, conceal, destroy, etc innocent errors which constitute criminal offences
documents relevant to such investigations. A do not need to be reported. It is expected that
further offence of making a disclosure which is NCIS’s reporting guidance will state that they do
likely to prejudice a terrorist investigation applies not consider that section 167(3) offences should be
under the TA 2000 when a person knows or has reported, in the absence of intent. Notwithstanding
reasonable cause to suspect that a terrorist this, a tax payer may acquire the relevant
investigation is being or will be conducted, knowledge or suspicion when they are advised that
regardless of whether a report has been made. they have submitted an incorrect return. Further,
More detailed information on these offences is firms and individuals should be wary of relying on
given in Appendix II. what might be seen as “technical” defences in any
situations where they consider that they have
information which would be of interest or
importance to law enforcement.
10