Money Laundering Report?

Is the failure of a company to keep records for 6 years something which needs to be reported. The failure appears to be through stupidity and overwriting previous backups without saving copies at the month end or year end. As far as I am aware nobody has gained from this except perhaps a bit of storage cost saved.

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davidwinch's picture

Reporting money laundering

davidwinch | | Permalink

What is required to be reported is knowledge or suspicion of money laundering.  If no benefit is derived from a crime there can be no money laundering and hence no obligation to report.

So if I murder my next door neighbour there is no money laundering.  If, on the other hand, I steal a bottle of milk from his front door step I have possession of the proceeds of crime (the bottle of milk) which is a money laundering offence.  So if in the course of your accountancy / tax work information comes to you which causes you to suspect me of these offences the second is reportable but the first is not.

It is all quite logical.

David

Thanks

Mallock | | Permalink

Thanks David.

cymraeg_draig's picture

I'll add to that David :)

cymraeg_draig | | Permalink

It is all quite logical.

 

Posted by davidwinch on Fri, 04/03/2011 - 12:09

 

 

It is all quite logical - but not always sensible !

 

 

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Group: Money laundering and crime
A group for discussing issues relating to suspected money laundering and other crime