Discuss ACFE CFE-Law Exam Topic 3 Question 75

The Financial Action Task Force (FATF) Recommendations concerning cross-border transfers of currency recommend that countries do which of the following?

ARequire individuals to make a disclosure any time currency is physically transported into or out of a country, regardless of the currency amount.

BEliminate the practice of carrying currency above a certain threshold across international borders.

CEstablish reporting thresholds for physically carrying currency or currency equivalents into or out of a country.

DStipulate that financial institutions must inform authorities any time they conduct a transaction involving a cash equivalent originating from another country.

Suggested Answer: C

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24 comments · newest first

Rima 3 days ago

A feels too strict. Not everyone should disclose small amounts.

Junita 8 days ago

D seems crucial for tracking cash flow.

Delfina 13 days ago

I prefer C. Reporting thresholds make sense.

Donte 18 days ago

I think A is the best option. Transparency is key.

Phyliss 24 days ago

D aligns with global standards. Good for security.

Leota 29 days ago

A is too strict. It could burden travelers.

Aileen 1 month ago

B could limit freedom. Not a fan of that option.

Stephen 1 month ago

C seems reasonable. Reporting thresholds make sense.

Leslie 1 month ago

I prefer D. Financial institutions should always report.

Tawna 2 months ago

I think A is the best choice. Transparency is key.

Georgeanna 2 months ago

I agree with A), but it feels like a hassle!

Delpha 2 months ago

D) seems a bit over the top, don’t you think?

Lucia 2 months ago

Wait, are they really suggesting we report every little cash transfer?

Sheron 2 months ago

I think C) makes more sense, though.

Tamie 3 months ago

A) is definitely a requirement for cross-border transfers.

Leeann 3 months ago

Not sure if these rules will actually help combat money laundering.

Reid 3 months ago

D) is crucial for tracking illicit transactions.

Darrin 3 months ago

Wait, are they really suggesting we disclose all amounts? That seems excessive!

Izetta 3 months ago

I think C) makes more sense, though.

Cherri 3 months ago

A) is definitely a requirement for cross-border currency transport.

Tawanna 4 months ago

I’m leaning towards option D because it seems like a logical step for financial institutions to report cash equivalents from abroad, but I could be mixing it up with another topic.

Queenie 4 months ago

I’m a bit confused about whether they require disclosure for all amounts or just for larger sums. I feel like I’ve seen both ideas in different contexts.

Lizette 4 months ago

I remember a practice question about currency reporting, and I think it was similar to option C. It makes sense to have thresholds to monitor large transfers.

Filiberto 5 months ago

I think the FATF recommends establishing reporting thresholds for currency transport, but I'm not entirely sure if it's for all amounts or just above a certain limit.

ACFE CFE-Law Exam - Topic 3 Question 75 Discussion