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Pass the ACFE Certified Fraud Examiner CFE-Law Questions and answers with ExamsMirror

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Questions # 1:

Countries A and B both follow the Financial Action Task Force (FATF) Recommendations concerning cross-border transfers of currency Trevor is traveling from Country A to Country B while carrying $16,000 in cash which exceeds Country B's reporting threshold Trevor is required to disclose the amount of currency he is carrying to authorities in Country B.

Options:

True

False

Questions # 2:

Raj is an employee who works in a jurisdiction that prohibits unreasonable workplace searches and surveillance in areas or items where employees have a reasonable expectation of privacy. In which of the following is Raj MOST LIKELY to have a reasonable expectation of privacy?

Options:

A backpack brought from home

A filing cabinet in the office lobby

A waste bin m the employee's office

A company-issued tablet computer

Questions # 3:

Which of the following is the MOST ACCURATE statement about the different types of alternative dispute resolution'?

Options:

The agreements reached in mediations are generally nonbinding.

In a mediation session, the mediator decides who should win the dispute at issue

The decisions reached in all arbitrations are always binding

In an arbitration proceeding the arbitrator acts as a judge or jury by deciding the dispute at issue on its merits

Questions # 4:

The Financial Action Task Force (FATF) Recommendations advise countries to do all of the following EXCEPT:

Options:

Use a risk-based approach when setting anti-money laundering policies

Require financial institutions to keep certain records and establish anti-money laundering policies.

Require financial institutions to monitor their customers' political affiliations.

Enable authorities to trace freeze, and confiscate assets suspected in money laundering and terrorist financing

Questions # 5:

Frederick has multiple high-volume foreign bank accounts. The country he lives in requires him to report such accounts annually for tax purposes but he regularly and intentionally fails to report his accounts in order to reduce the amount of taxes he must pay. Which of the following schemes has Frederick MOST LIKELY committed?

Options:

A tax credit evasion scheme

A value-added tax evasion scheme

An excise tax evasion scheme

An income and wealth tax evasion scheme

Questions # 6:

Which of the following scenarios is an example of the criminal sanction known as criminal forfeiture?

Options:

As part of his sentence for embezzlement, a defendant is ordered to pay back his employer for the money he stole.

As part of her sentence for bribery a defendant is ordered to transfer a car she received as a bribe to the government

As part of her sentence for money laundering a defendant is sentenced to a three- to five-year term of incarceration

As part of his sentence for tax evasion, a Defendant is ordered to pay a fine of $10,000 to the government

Questions # 7:

Antonio is investigating Sam on behalf of their employer, XYZ Company. During the investigation, Antonio tells a group of their coworkers who are not involved in the investigation that he discovered Sam has a serious gambling addiction, which is true. Assuming that their jurisdiction has civil laws for all of the following causes of action, which one would give Sam the BEST chance for success if he decides to bring a civil action against Antonio?

Options:

Public disclosure of private facts

Negligent misrepresentation

Slander

Defamation

Questions # 8:

The concealment of assets occurs most commonly in which of the following types of fraud schemes?

Options:

Bankruptcy fraud

Fictitious revenues

Payroll fraud

Income smoothing

Questions # 9:

Allison works for a government contractor She informs the government that her employer has been submitting false claims to the government for payment Later it is discovered that Allison has misappropriated more than $50,000 of her employer's money Alison qualifies as a whistleblower entitled to anti-retaliation protection under the law because of her report to the government Which of the following statements about Allison is CORRECT?

Options:

Allison cannot be fired for misappropriating funds from her employer

Allison cannot be fired for any reason

Alison cannot be fired for informing the government of her employee’s fraud

None of the above

Questions # 10:

Which of the following statements regarding using front businesses as a method of laundering money is MOST ACCURATE?

Options:

Front businesses are a favored method because it is easy to match the costs associated with providing customers food, liquor, and entertainment with the revenues produced.

Bars, restaurants, and nightclubs are commonly used as front businesses because these venues tend to charge relatively low prices and customers rarely vary in their purchases.

Front businesses can often be detected because these businesses have a large number of customers during peak operating hours and high income.

A front business that conducts legitimate business can provide cover for delivery and transportation related to illegal activity.