Case study on Money laundering
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Case study on Money laundering

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  1. Case study on Money laundering

A firm of forensic accountants in the UK adopted an aggressive foreign expansion strategy in order to increase its market share and profitability especially in the international market. Based on this new strategy, the firm established alliances/pacts with a number of small to medium sized fastgrowing law firms, primarily with countries within Eastern Europe as well as other EU member States. These law firms are not part of any international network of lawyers, but they share the same willingness to expand their businesses.

The forensic accounting firm has appointed a Compliance Officer with limited anti-money laundering and compliance experience. The assistance to the Compliance Officer is a junior employee without any experience in compliance.

The firm’s acceptance policy operates on a risk point’s basis. The riskiness of clients is determined based on just two factors:

  • Whether the client is a PEP, (this criterion carries most of the risk points). PEP’s are identified using a reputable web check platform; and
  • What the client discloses as being his business activity.

All clients that are not PEPs are usually classified as normal risk clients. Work referred to the firm by the foreign law firms is assessed as normal because the company has a policy of relying on their client due diligence ( CDD) policies and procedures for its clientele because they are regulated firms and it considers the referrers as trusted associates.

The firm’s management requested from the compliance team to ensure that their work contributes towards the firm’s strategic decision for growth and expansion in foreign markets. It now transpires that one of the accounting firm’s international clients, referred to by a law firm in Eastern Europe, is on that country’s Ministry of Works and Pension List for Corruption and Fraud and the Forensic accounting firm is now considering its options.

  1. Identify and discuss at least five (5) critical issues and potential risks that this forensic accounting firm could face. 25 marks
  2. Critically discuss KYC/Due Diligence procedures the forensic accounting should firm have implemented? 25 marks Maximum 500 words
  3. Case study on Negligence

Karen is having her wedding next summer. One afternoon, she was accompanied by her friend, Fauzia to try some wedding dresses. After finding the dress of her dream, they decided to go to a local bar to celebrate before heading home. Fauzia offers Karen a lift home in her car. At first, Karen refused, but Fauzia assured her that she was probably only just over the drink-drive limit and was all right to drive.

On their way home Fauzia loses control of the car and crashes into a side tree. Karen had some cuts and bruises on her knee and is immediately taken to hospital.

At the hospital, it was discovered that Karen has an infection on her knee. However, the doctor on duty decides not to immediately administer antibiotics to the infection as recently read a publication in a social media article which suggested that it is better to allow the body time to heal. Karen developed complications on her Knee which was subsequently amputated.

  1. Identify extensively any actions available in the tort of negligence and critically analyse the elements of the tort accordingly. 40 marks
  2. Discuss the role of forensic accountant in the above scenario. 10 marks

Maximum 500 words

Please note that there is -/+ 10% on this assignment.

The submission deadline is 28th January 2021

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