2011年ACCA考试F4模拟试题（10）

　　10 This question requires candidates to recognise and explain the law relating to two criminal offences： insider dealing and money laundering.

　　(a) Insider dealing is dealing in shares， on the basis of access to unpublished price sensitive information. Such activity is unlawful and is governed by part V of the Criminal Justice Act 1993 (CJA)。 Money laundering refers to the attempt to disguise the origin of money acquired through criminal activity in order to make it appear legitimate. The aim of the process is to disguise the source of the property， in order to allow the holder to enjoy it free from suspicion as to its source.

　　Such activity is regulated by the Proceeds of Crime Act 2002 (PCA) together with the specifically anti-terrorist legislation， the Terrorism Act 2000 and the Anti-terrorism Crime and Security Act 2001 and the Prevention of Terrorism Act 2005.

　　Under s.52 of the Criminal Justice Act (CJA) 1993 an individual is guilty of insider dealing if they have information as an insider and deal in price-affected securities on the basis of that information.

　　Section 54 specifically includes shares amongst those securities and dealing is defined in s.55， amongst other things， as acquiring or disposing of securities， whether as a principal or agent， or agreeing to acquire securities.

　　Section 56 defines ‘inside information’ as：

　　(i) relating to particular securities，

　　(ii) being specific or precise，

　　(iii) not having been made public and

　　(iv) being likely to have a significant effect on the price of the securities.

　　Section 57 states that a person has information as an insider only if they know it is inside information and they have it from an inside source and covers those who get the inside information directly through either：

　　(i) being a director， employee or shareholder of an issuer of securities; or

　　(ii) having access to the information by virtue of their employment， office or profession.

　　On summary conviction， an individual found guilty of insider dealing is liable to a fine not exceeding the statutory maximum and/or maximum of six months imprisonment. On indictment the penalty is an unlimited fine and/or a maximum of seven years imprisonment. It is quite clear from the facts of the problem scenario that Greg has engaged in insider dealing under the CJA 1993.

　　(b) Although he has tried to disguise his criminal activity， that has merely involved him in further criminal activity; money laundering.