CAMS · Question #972
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a di
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Question
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney. Which red flags should the notary consider? (Select Two)
Options
- AThe agent requested a disposal of assets at a lower price than recently acquired.
- BThe assets acquired through an auction were put in the name of an offshore company
- CThe agent acted on behalf of an individual residing in a country which is on the EU's list of high-
- DThe power of attorney was issued by a law firm in a different EU country from where the
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