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ACFE Exam CFE-Law Topic 3 Question 47 Discussion

Actual exam question for ACFE's CFE-Law exam
Question #: 47
Topic #: 3
[All CFE-Law Questions]

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.

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Suggested Answer: A

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

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Ezekiel
7 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
6 months ago
It's important to follow the regulations when traveling with large amounts of cash.
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Leonie
6 months ago
Definitely, traveling with that much cash is risky.
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Casandra
6 months ago
Yeah, he should have been more careful.
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Pete
6 months ago
Trevor should have been aware of the reporting threshold in Country B.
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Giuseppe
6 months ago
I agree, using a credit card would have been much easier.
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Gerald
6 months ago
True
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Jenelle
6 months ago
True
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Tamera
7 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
7 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
7 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
6 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
6 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
7 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
7 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
7 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
7 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
7 months ago
True. Trevor must disclose the amount of currency he is carrying to authorities in Country B.
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