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Find Related Questions by Tags, levels, etc.
Management of Banana Follow Me Limited plans to invest in factory equipment and fittings to attract more customers, using sufficient cash reserves for these capital expenditures. A significant risk associated with money laundering exists due to the high volume of cash transactions and regular overseas bank transfers.
Required:
i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.
(6 Marks)
ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)
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The Money Laundering (Prohibition) Act empowers the agency to place surveillance on certain bank account transactions to curb money laundering.
Required:
State FOUR transactions which require special surveillance under the Act.
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Find Related Questions by Tags, levels, etc.
The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.
Required:
State the limitation on the amount of cash payment under the Act.
(5 Marks)
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Find Related Questions by Tags, levels, etc.
The limit of cash payment or acceptance by a body corporate outside a financial institution under the Money Laundering (Prohibition) Act is
A. N1,000,000.00
B. N2,000,000.00
C. N5,000,000.00
D. N7,500,000.00
E. N10,000,000.00
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a. Adamu, a public officer whose duties relate to the administration of justice, was caught on camera corruptly requesting money from a person with a view to avoiding his duties to favor that person.
Required:
i. Under the Criminal Code, what offence could Adamu be charged for and what punishment is he liable to if convicted? (2 Marks)
ii. What would be Adamu’s punishment on conviction if his duties did not relate to the administration of justice? (2 Marks)
b. Thomas carried out a series of transactions on his bank account involving a frequency considered by the bank manager, Alhaji Adeyemo, to be unjustifiable or unreasonable. Adeyemo reported the transactions to the Economic and Financial Crimes Commission, leading to the interrogation of Thomas. Thomas has now filed a civil action for defamation against Alhaji Adeyemo.
Required:
Advise Alhaji Adeyemo on possible liability for the action and his possible defence. (4 Marks)
c. George, who is the chief accountant of Digital Supermarkets, has reasons to believe that certain online lodgments into the supermarket’s bank account by one of the salesgirls were highly suspicious.
Required:
i. What steps should George take as the accountant? (2 Marks)
ii. Explain briefly what you understand by ‘electronic fraud’. (2 Marks)
d. Brenda, an agent who had instructions to sell her principal’s house in the open market, bought the house for herself using her brother as a front without informing the principal.
Required:
State TWO duties Brenda has breached as an agent. (2 Marks)
e. Ngozi retains part of the goods he was instructed to sell as an agent on the ground that the principal has refused to indemnify him for reasonable expenses incurred in the course of carrying out the agency.
Required:
State the condition under which Ngozi, as an agent, could lawfully retain the goods. (2 Marks)
f. Juliet is an officer of an auctioneer company with instructions to auction properties belonging to Adams, but the warehouse handlers displayed goods belonging to Mathias in error. Mathias has brought a suit against Juliet for negligence.
Required:
i. Advise Juliet on the defence or defences available to her, explaining briefly the rule of law for your advice. (2 Marks)
ii. State TWO necessary ingredients which must be proved by a plaintiff to succeed in an action for negligence. (2 Marks)
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Find Related Questions by Tags, levels, etc.
The Money Laundering (Prohibition) Act was enacted to check economic crimes.
Required:
Explain briefly the following:
i. Mandatory disclosure by financial institutions under the Money Laundering (Prohibition) Act, and the limitation of lodgment of funds by a corporate body. (4 Marks)
ii. Surveillance on bank account. (3 Marks)
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The Money Laundering (Prohibition) Act provides that no individual person shall make or accept cash payment, EXCEPT through a financial institution, of an amount of money exceeding the sum of
A. ₦1,500.00
B. ₦2,000.00
C. ₦4,000.00
D. ₦3,000.00
E. ₦5,000.00
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Find Related Questions by Tags, levels, etc.
c) The growth of globalization has created more opportunities for free movement of capital/funds, which has resulted in a global canker called “money laundering.” There have been global efforts from governments and international institutions to combat the menace.
Required:
i) Describe in simple terms the concept of money laundering. (2 marks)
ii) Identify THREE risk-based approaches companies can adopt to combat the risk of money laundering. (4 marks)
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Pepo Ghana Ltd operated three accounts at the Arena branch of Coin Bank Ltd. On 27 May 2020, the Financial Intelligence Centre (FIC) in a letter, directed Coin Bank Ltd to freeze all the accounts of Pepo Ghana Ltd.
i) Explain money laundering and explain TWO (2) stages of money laundering. (6 marks)
ii) List TWO (2) anti-corruption institutions in Ghana.
(4 marks)
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Find Related Questions by Tags, levels, etc.
a) Money laundering has become a significant threat to the world’s political and economic order. World leaders are collaborating and cooperating in fighting money laundering. However, criminals are maliciously clever and, in some cases, ahead of law enforcement agencies. Every human being has to contribute to the fight against money laundering.
Required:
i) Assess why money laundering poses a big threat to the world’s political and economic order. (5 marks)
ii) Discuss FIVE (5) ways in which Ghana is contributing towards fighting money laundering globally. (5 marks)
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a) You have commenced the audit of Atika Ltd, a company involved in the importation and sale of plumbing materials. As part of the audit, you have noticed the following:
The Audit Manager has raised the issue of money laundering considering the nature of the transactions above.
Required:
i) Explain to the team members the various stages of money laundering and show how the above transactions confirm the client’s engagement in money laundering. (6 marks)
ii) What are the obligations on the firm for money laundering? (4 marks)
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Sampa Sawmill Ltd. is a company located in the Eastern Region of Ghana, involved in the exportation of wood products to overseas countries. Sampa Sawmill Ltd. is of late being accused of involvement in money laundering. Sampa had been an audit client of Tetteh and Associates, a firm of Chartered Accountants for the past three years.
Required:
i) As an Audit Manager of Tetteh and Associates in charge of Sampa Sawmill Ltd., evaluate the issues you will consider to prove or disprove the allegation. (5 marks)
ii) Discuss the need for ethical guidance for professional accountants on money laundering.
(5 marks)
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It was reported in both the print and electronic media that “the hidden wealth of some of the world’s most prominent leaders, politicians, and celebrities including former Tory MPs and six peers have been released in a massive leak. The leak came from the database of lawyer Mossack Fonseca, who was alleged to have aided the people involved to form offshore companies, which enabled them to evade tax and indulge in money laundering. This revelation has implications for professional accountants who are required to report suspicious transactions and activities of clients.”
Required:
i) Discuss the auditor’s duty under money laundering laws and regulations and the requirement of confidentiality under the IFAC’s Code of Ethics for Professional Accountants. (4 marks)
ii) Recommend elements that should be included in an anti-money laundering programmed for an accounting firm. (6 marks)
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