Barbara and Tom - Financial Action Task Force (FATF) - Finance Assignment Help

Assignment Task:

Question 
a) Web-based payment technologies such as prepaid cards, IPS and mobile payment systems present an ideal opportunity for money launderers to commit financial crimes. 
Describe the international measures that have been taken to minimize the criminal impact of the use of such technologies and discuss the measures that can be taken by financial services firms to prevent and detect abuse. 

b) Barbara and Tom are married to each other and both work for a large regulated financial services organization in a jurisdiction of your choice. Tom is employed in the firm’s Finance Division and Barbara in the Audit Division. Over a period of time, Tom has been committing a significant fraud against the firm by diverting funds from an internal suspense account into a joint current account held with Barbara. Barbara and Tom are employed in relatively junior roles at the firm and are on modest salaries. For some time now Tom has been using the proceeds of the fraud to fund a lavish lifestyle that consists of expensive holidays, new cars, a new flat and the purchase of a range of luxury goods. 
Using the law within your chosen jurisdiction, evaluate the potential money laundering offenses committed by Barbara and Tom. Ensure that you consider the elements of the offense (s), including the wrongful act(s) (actus reus) and guilty state of mind (men's rea) required. 

c) Combating terrorist financing has been a priority and part of the wider strategy for the Financial Action Task Force (FATF) since 2001. Despite this, in 2015, the scope and nature of terrorist threats globally intensified considerably, with terrorist attacks in many cities across the world, and the terrorist threat posed by the so-called Islamic State of Iraq and the Levant (ISIL/Da’esh), and by Al-Qaeda and their affiliated terrorist organizations, and by other terrorist organizations, also becoming more significant. 
In February 2018, the FATF adopted a new counter-terrorist financing operational plan and a statement on the actions taken under the 2016 counter-terrorist financing strategy. This focuses on key areas in the prevention of terrorist financing and the fight against financial crime. In practice, the activity is notoriously difficult to distinguish from legitimate financial activity as often legitimate methods are used to generate funds for the financing of terrorism. 
Discuss FATF’s role in combating terrorist financing. Outline the main typologies of terrorist financing and describe the challenges of identifying these activities in practice. 

d) Explain the ‘risk-based’ approach to AML/CTF and identify the ‘risk factors’ that should be considered in determining the risk rating of a business relationship. 
Indicate how each risk indicator affects the rating and discuss the categories that should be considered when evaluating the impact. 

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