Реферат: Untitled Essay Research Paper Financial Accounting For

value.The Act now makes it a specific and separate offence in cases involving drugs

or terrorism not to report a suspicion if the information came to the person’s

attention in the course of his trade, profession, business or employment.

Effectively the duty to report is extended to employees of business institutions

where it is the institutions who may become involved in the arrangements

and not the employees themselves. The question arises as to whether disclosure

is a waiver of professional privilege or a breach of any express or implied

duty of confidentiality owed to a customer or client. It is clear that disclosure

to the police (although not third parties) will not constitute a waiver of

professional privilege nor will it give actionable grounds for a claim for

breach of confidence.Reporting to the police is not much help if the suspect is tipped off about

the investigation. Tipping off, therefore, constitutes an offence when

information or any other matter which might prejudice an investigation is

disclosed to the subject of the investigation (or anyone else) by someone

who knows or suspects (or, in the case of terrorism, has reasonable cause

to suspect) that: a police investigation into money laundering has begun

or is about to begin, or the police have been informed of suspicious activities,

or a disclosure has been made to another employee under internal reporting

procedures.The Regulations require any person who carries out relevant financial business

in a business relationship or a one-off transaction with an applicant for

business to maintain certain administrative and training procedures designed

to prevent money laundering occurring. It is a criminal offence not to maintain

the necessary procedures although it is a defence if the person concerned

took all reasonable steps and exercised all due diligence to avoid committing

this offence. This applies to banks and building societies, investment businesses

and insurance business.Clearly some of this laundering will be assisted by people who know what

they are doing but may not know of the penalties they are risking if they

are caught. Some of it will be helped by people who are not sure what is

going on but are prepared to turn a blind eye for the commission they will