ACFE Exam CFE-Law Topic 3 Question 47 Discussion

Actual exam question for ACFE's CFE-Law exam

Question #: 47
Topic #: 3

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.

ATrue

BFalse

Show Suggested Answer

Suggested Answer: A

by Sanjuana at Sep 17, 2024, 06:40 PM

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Ezekiel

9 months ago

Duh, the answer is True. Trevor should have just used his credit card instead of lugging around all that cash. That's a rookie mistake right there.

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Shannan

8 months ago

It's important to follow the regulations when traveling with large amounts of cash.

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Leonie

8 months ago

Definitely, traveling with that much cash is risky.

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Casandra

8 months ago

Yeah, he should have been more careful.

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Pete

8 months ago

Trevor should have been aware of the reporting threshold in Country B.

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Giuseppe

8 months ago

I agree, using a credit card would have been much easier.

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Gerald

8 months ago

True

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Jenelle

8 months ago

True

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Tamera

9 months ago

Haha, I bet Trevor wishes he had a magic money-shrinking device to avoid having to disclose his cash. But alas, the answer is True - he has to report it.

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Raymon

9 months ago

This is a no-brainer! Of course, the correct answer is True. Trevor needs to report the cash he's carrying to the authorities in Country B.

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Bronwyn

9 months ago

I think the answer is True. It's important to disclose the amount of currency being transported across borders to comply with FATF recommendations.

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Gayla

8 months ago

Trevor should be aware of the reporting thresholds and comply with the regulations when traveling with large amounts of cash.

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Lizette

8 months ago

It's important for countries to monitor and regulate cross-border currency transfers to prevent money laundering and terrorist financing.

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Leonora

9 months ago

That's right. It's a requirement to follow the FATF Recommendations for cross-border transfers of currency.

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Judy

9 months ago

Yes, you are correct. It is true that Trevor must disclose the amount of currency he is carrying to authorities in Country B.

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Fausto

9 months ago

Actually, it's True. Country B's reporting threshold is exceeded by the $16,000 cash Trevor is carrying.

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Rosendo

9 months ago

I think it's False. Trevor doesn't need to disclose the amount of currency he is carrying.

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Izetta

9 months ago

True. Trevor must disclose the amount of currency he is carrying to authorities in Country B.

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