Relationship Management Role in a Large Financial Services Firm in a Jurisdiction - Law Assignment Help

Assignment Task

Assignment Two

All parts of the questions can be answered in relation to a jurisdiction with which you are familiar. The name of the jurisdiction you have selected should be clearly stated in your answer.

Answer all parts of the questions.

Question

Joseph is employed in a relationship management role in a large financial services firm in a jurisdiction of your choice.

One of the major accounts that he has managed for the last few years is that of Massimo Coltella (MC), an international art dealer, based in Switzerland. MC is an Italian national with strong ties to Sicily and he has worked extensively across the world. MC’s father is rumoured to have strong connections to organised crime in Sicily.

Joseph has noticed that recently, significant amounts of money have been transferred in and out of MC’s accounts in Sicily, and funds have then been transferred to other parts of Europe and Africa. These transfers are not typical of the preceding account activity in respect of MC’s accounts.

Joseph is concerned about the account activity from a money laundering perspective and at a client meeting with MC he asks for more information about the transfers. MC tells Joseph that his business as an art dealer has really taken off and that the transfers relate to payments for pieces of art that rarely come to market but which he has had the opportunity of buying. Many of the payments have been made to corporate structures that have been set up to avoid paying tax.

Joseph tries to get more information but MC becomes quite aggressive and tells Joseph that if he has any problems with the movement of funds, then he will move his accounts elsewhere.

Joseph does not want to lose the business, but is still concerned given that a number of the transfers are from MC’s father and do not appear to link directly to MC’s business activities.

i. Advise Joseph as to what action he should take in this scenario.

ii. If Joseph takes no action and it transpires that MC has used these accounts for money laundering purposes, define what criminal offences have been committed by Joseph and the organisation and analyse the nature of these offences.

iii. Analyse the risk issues raised by the scenario.

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