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Nit is involved in illegal activity, from which he makes large amount of money. He also owns a legitimate taxi company and passes his illegally gained money as profits of that business. Nit employ owen who is aware of illegal source of money to act as the manager of the taxi company, and pet as his accountant to produce false business accounts for taxi business.
Sir in the above scenario, Pet is liable for primary offence of money laundering as well as failure to disclose?
Similarly, is Owen also liable for both i.e primary offence of money laundering as well as failure to disclose?I answered this on November 28 at 1.13 in the morning
What was the matter with that response?
I ask again, do you in fact read my responses to your questions?
Yes Sir I do read all of your responses. Because if I do not read your reply , then what would be the use of asking questions in which I am stuck.
But I am still confused in this question, and my confusion is as follows
You answered that Pet is liable for primary offence of money laundering as he is assisting Nit, BUT is he also liable for failure to disclose?
Secondly, you answered in your previous reply that Owen(manager) is liable for primary offence of money laundering as he is assisting Nit, and he is also liable for failure to disclose, although in BPP kit its mentioned that owen is only liable for primary offence of money laundering as he is assisting Nit, In kaplan studytext its mentioned that failure to disclosure applies only to accountants.
Ok, Pet is a member of a body that falls within the regulated sector and, as such, has a duty to disclose
But Owen, as manager, not being a member of a regulated sector does not fall into any category where non-disclosure would be a criminal offense
Personally I would be surprised if Owen were not liable, but according to Section 330 of the Act he isn’t involved in a regulated sector business
For detail of what does lie within regulated sector businesses, look at http://www.slaughterand may.com/media/559043 and look at paragraph 1.1
OK?
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