SQE 1 Prep Test - A solicitor acts for a client in relation to the acquisition of a private limited company. Two days before the transaction is due to complete the solicitor suspects that his client will be using the transaction to launder money. The solicitor reports this to the nominated officer who makes a suspicious activity report to the relevant authority. What action should the solicitor now take?

SRA Samples

A solicitor acts for a client in relation to the acquisition of a private limited company.

Two days before the transaction is due to complete the solicitor suspects that his client will be using the transaction to launder money. The solicitor reports this to the nominated officer who makes a suspicious activity report to the relevant authority.

What action should the solicitor now take?

(A) Proceed with the transaction as the solicitor has made the disclosure to the nominated officer.

(B) Proceed with the transaction only after receiving authorisation from the relevant authority.

(D) Explain to the client that he cannot act as a suspicious activity report is pending.

(E) Explain to the client that a suspicious activity report has been made and then proceed with the transaction.

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