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1. A tax haven is a country whose laws, regulatio...




1. A tax haven is a country whose laws, regulations, traditions, and treaty arrangements make it possible for a person to reduce his overall tax burden. Secrecy is basically supplied by way of: A. The Bank Secrecy Act B. Domestic bank secrecy laws C. Blocking statues D. Both B. & C. 2. What entity maintains a list of ?non-cooperative? countries ? those countries that have detrimental rules and practices which obstruct international efforts to curtail money laundering? A. Federal Bureau of Investigation B. Central Intelligence Agency C. Financial Action Task Force D. Internal Revenue Service 3. There are four categories of tax havens: ?no tax,? ?no tax on foreign income,? ?low tax,? and _______. A. High tax B. Special tax C. No tax on domestic income D. None of the above 4. U.S. authorities do not have to obtain a court order in the Caymans to look at banking or corporate records, they need only show that the information being sought is for a criminal investigation. A. True B. False 5. The United Kingdom offers opportunities for asset hiders. A. True B. False 6. Which of the following is an advantage for people wishing to hide assets in the United Kingdom? A. The United Kingdom does not currently have an equivalent of the Currency Transaction Report B. British bankers will not ask for a Social Security number C. Taxes are not withheld on the interest they pay on non-residential accounts D. All of the above 7. Obtaining a Swiss bank account is still the best way to hide assets. A. True B. False 8. Under Luxembourg law, a depositor cannot waive banking secrecy even if he wants to. A. True B. False 9. Which of the following is a step in locating off-shore assets? A. Determine if subject traveled overseas B. Locate the subject?s travel agency C. Identify the means employed to move cash off-shore D. All of the above E. None of the above 10. Which of the following is NOT a method used to move funds off-shore? A. Wire transfers B. Professional intermediaries C. Personal checks D. All of the above 11. Of the many different methods used to smuggle currency, which of the following is the most preferred by asset hiders? A. By air B. By land C. By water D. By mail 12. Smuggling currency by water is not a preferred method because it may require the use of third parties AND the currency is not easy to conceal. A. True B. False 13. Which of the following are specialized bank accounts, in connection with wire transfer services, that invite misuse by sophisticated and professional money launderers? A. Basic checking accounts B. Threshold accounts C. Cupo accounts D. Both B. & C. E. None of the above 14. Even though a paper trail is left, hiders occasionally deposit personal checks made out to themselves in overseas accounts. A. True B. False 15. Which of the following methods are used to bring money back into the U.S. after it has been successfully laundered? A. Physical transportation B. Fictitious loans C. Fictitious fees D. Cashier?s checks and wire transfers E. All of the above 1. Criminal forfeiture is allowed if the property in question has been used in the commission of a crime. If the property was used to violate a civil law, then civil forfeiture would be the applicable remedy. A. True B. False 2. In order for property to be considered ?to facilitate? a violation, it has to: A. Contribute to the concealment of illegal activity B. Contribute to the possession of illegal goods C. Contribute to the receipt of illegal goods D. Any of the above 3. Under what doctrine does the government have the right to seize the proceeds of an illegal activity even though it interferes with the owner?s constitutional right of ownership? A. English law B. Relation back C. Common law D. Both B. & C. 4. Title 18, U.S. code ?982 renders property forfeitable if it is involved in which of the following crimes: A. Money laundering B. Wire fraud C. Computer fraud D. Major fraud against the United States E. All of the above 5. The government may NOT seize property before judgment in a civil forfeiture case. A. True B. False 6. The government can seize property under the following methods EXCEPT? A. Initiating a forfeiture procedure under the Federal Rules of Criminal Procedure B. Beginning a summary or administrative procedure under federal customs laws C. Seizing the property if it is in the possession of a known felon D. None of the above 7. Which law passed in 2001 expands the government?s ability to seize assets related to money laundering crimes? A. Gramm-Leach-Bliley Act B. Bank Secrecy act C. USA PATRIOT Act D. None of the above 8. Which of the following questions is the fraud examiner LEAST likely to be asked regarding a forfeiture case he or she wants prosecuted? A. What evidence makes this property forfeitable? B. How should the property be seized? C. How much of the property would you like from the settlement? D. What is the value of the property, and where is it now? 9. Generally, property that is subject to forfeiture falls into one of three general categories. Which of the following is NOT one of those categories? A. It is contraband B. It is derived from the proceeds of certain illegal activity C. It is owned by the convicted defendant 10 Which of the following is NOT a method that may be used to prevent the disposable of property prior to judgment? A. Insurance B. Pre-judgment Attachment C. Sequestration D. Notice of Lis Pendens


Paper#6632 | Written in 18-Jul-2015

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