Money laundering
Money laundering involves concealing or disguising the origins or nature of criminal proceeds so they appear legitimate. Professionals must apply applicable law, ethical requirements and firm procedures, including customer due diligence and reporting where required. Specific duties and tipping-off rules depend on jurisdiction.
Worked example
An auditor identifies unexplained transfers involving an entity with no apparent commercial purpose and escalates the concern under the firm’s procedures.
Common mistake
Do not promise confidentiality where applicable law requires reporting, or tell the client about a report where that would constitute prohibited tipping off.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AAA (INT) | Direct | September 2026–June 2027 |
| ACCA | LW (ENG) | Direct | September 2026–June 2027 |
| ACCA | LW (GLO) | Direct | September 2026–June 2027 |