CAFCA MANUAL EXAM 2024 QUESTIONS AND ANSWERS
What is financial crime? - Illegal activities that are usually economically motivated.
What is money laundering? - The process of concealing or disguising the existence, source, movement, destination, or illegal application of criminally deri...
What is financial crime? - Illegal activities that are usually economically motivated.
What is money laundering? - The process of concealing or disguising the existence,
source, movement, destination, or illegal application of criminally derived property or
funds to make them appear legitimate.
Three stages of money laundering - - Placement
- Layering
- Integration
What is terrorist financing? - Involves fund for an illegal political purpose to support
terrorist activities. However, money is necessarily derived from the proceeds of illegal
activity.
Hawala system plays a big roles in moving terrorist related funds.
What are sanctions? - Political decision made as part of diplomatic efforts by countries,
regional organization, and international bodies. Sanctions are primarily a foreign policy
and security tool. Sanctions are intended to affect behavioral change through
deterrence, prevention, or punishment.
What is fraud? - An International act of criminal deception in order to obtain an unjust or
illegal advantage. Usually for personal gain.
What is anti-bribery and corruption? - Bribrery is the giving or receiving of a financial or
other advantage in connection with the improper performance of a position or trust, or a
function that is expected to be performed impartially, or in good faith.
Anti-bribery and Corruption Law? - - The Foreign Corrupt Practices Act US
- The UK Bribery Act 2010
What is tax avoidance? - The legal means to reduce the tax owed.
What is tax evasion? - The illegal means to avoid paying tax owed.
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