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Key Topics
- Requirement
- Solution
- Introduction
- Analysis
- Schedule 1-Darcey SepponovandBob Latter –2018and2017
- Schedule 2-Darcey SepponovandBob Latter – “2015 through 2018Assets”
- Schedule 3-Darcey SepponovandBob Latter – “2015 through 2018Liabilities”
- Summary Schedule- Darcey SepponovandBob Latter –Personal Expenditures SummaryandNet Worth
- Applicable legislation
- Expert declaration
- Conclusion
- Reference list
Requirement
1- Write a repot on "Expert Witnessing and Dispute Resolution" in about 2500 words'
Solution
Introduction
The net worth of a person has the potential to reveal a lot of required information about the person's personal expenses mad income. Different areas of expense could also be determined with the help of the assessment. This paper is designed to analyse the net worth ofMrs. SepponovandMr. Latter who are accused in manifestation of the irrelevant income and expenditures. The assessment of the net benefit would help to know any untold income of Mr. Latter in there given a year of analysis. This will help to bring the required expert report that could help the hurry to know the technical areas of the case they were not aware of. There will consideration of the several schedule tasks that have been provided in order to conduct the calculation for the expenses. It will also provide information about the liabilitiesandassets ofMrs. Sepponov and Mr. Latter. The summary schedule would help to know the net benefit and personal list of all the expenditures made by the couples. There will be a discussion on the applicable legislation that could be imposed on Mr. Latter and Mrs. Sepponov. The expert declaration is considered for the report that will provide a summary of the decision that needs to be taken.
Analysis
Schedule 1-Darcey SepponovandBob Latter –2018and2017
This part will discuss all the expense that has been incurred by Mr. Latter and Mrs. Sepponov on behalf of the unknown income that has not been disclosed. This being utilized because the illegal activities of Mr. Latter and Mrs. Sepponovare are not readily apparent. Thus, the assessment of the expense of the couple has been done in order to determine the additional expense they have made in addition to the salary of Mr. Latter. According to the case Mr. Latter and was divorced from his first wife Shirley in 2015. The settlement of the divorce has been made on the amounts in cash at the bank that has been utilized in order to pay off the obligations. The rest amount was divided equally between Bob and Shirley. After the settlement of the divorce proceedings, there was another assessment made in order to determine the financial activities of Mr. Latter. It considered the financial aspects of the divorce settlement, recent economical acquisitions and information taken from the faceless informant (Law, John Austen & NEBSS, 2016).
The expenses of Mr. Latter show that he has made a total expenditure of 310000 in the year 2006 and 2017. Again, the expenditure that has been assessed for Mr. Latter shows that he and his wife have made 330000 expenditure during the financial year 2017 and 2018. The expenditures were in terms of utilities that belong to Greece. It has a total expenditure amount of 5000 euros. The same amount has been incurred in the year 5000. The maximum expenditure was in terms of the dressmaker. This was highest in the year 2016 and 20017 with a total amount of 55000 euros. Further, it has been found that 4500 euros were incurred on the same expenditure item in the year 2017 and 2018. This expense contributes maximum to the total expenses made by Mr. Latter and Mrs. Sepponov. The couple used to expend much in the bars and night clubs. It includes the total amount of 75000 euros in the year 2016 and 2017. It was not going to be reduced for the year 2017 and 2018 and the amount incurred on the same expense item by the couple was 88000 euros. This was the expense that catches the eyes of the anonymous informant (Yakubu, 2017). According to their beliefs, the expenditure of Mr. Latter and Mrs. Sepponov is more than their income. According to the case Mr. Latter holds 49.9 percent in the paradise united. This was acquired in the year 2016 for 85 million euros. He also owns a 100 percent “share of paradise” islands ltd “which is the genitor company” of the four major night clubs in the UK. There were loses for the paradise united account consecutively in the year 2017, 2016 and 2018. The paradise islands dividend accounts were also stable. Salary of Mr. Latter from paradise islands was 52000 euros for 2015 and 2016, 58000 euros in 2016 and 2017 and 64000 euros between 2017 and 2018. The income clearly reflects that he could not be able to incur that much money on the available income(Keene, 2016). Also, there were no withdrawals from the invested amount that were made from the divorce settlement. [Referred to appendix 1]
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Schedule 2-Darcey SepponovandBob Latter – “2015 through 2018Assets”
The total asset ofMr. Latter was accounted as 1271100 euros for the assessment year 2015 and 2016. Again, under the years 2016 and 2017, they possess a total asset of 12055000. Assets accounted for 2017 and 2018 reflects that they have total of 11450000 euros in that year. This was assessed on the basis of the acquisition of several assets in the given assessment years. The total amount that has been kept in the bank during the year 2015 and 2016 was 130000 euros. There was a continuous increase in the cash at bank for Mr. Latter. Under the year 2016 and 2017 it was accounted as 180000 and in the year 2017 and 2018 it was accounted as 230000 euros. Further information has been gathered from the surveillance, third party and mail cover (Maugeri, 2018). It has been found that Mr. Latter has acquired the yacht in the year 2016 and forthe total amount of 300000 euros. Our villa in Antiparos was purchased by Mr. Latter in the year 2015/2016 by paying the amount of 500000 euros. This was known after interviewing the property seller and Greek public property records. The cost of the same villa was 550000 euros in the year 2017/2018. The mortgage on the villa was 400000 euros. The total mortgage amount on the acquisition of the villa has been paid in the year 2018 February.
The amount of the credit cards was duly paid by the couples at the end of each month. Other assets that have been accounted for Mr. Latter are Ferrari which was acquired in the year2017/2018. The cost of this vehicle was 140000 euros. Lamborghini was purchased in the same year which costs 150000 euros. Racehorse was also possessed by Mr. Latter which costs 900000 euros in the year 2015/2016. The same cost was accounted for the year 2016/2017. Again, the assessment year 2017 and 2018 showed the amount of racehorse as 30000 euros. Peugeot and Porsche were acquired by Mr. Latter in the year 2015/2016 and 2016/2017 respectively. The new house has been acquired by Mr. Latter in the year 2016/2017 and 2017/2018 which costs 160000 euros. Stocks and bonds that were available for Mr. Latter 380000 in the year 2015/2016. A property named 10 Rowling St. has been purchased by Mr. Latter during 2015/2016 which costs 99100. This all assets contributes int the year wise asset acquisition of the couples. Salary income has been deprived by subtracting the amount of investment from the salary income of 2016, 2017 and 2018 respectively. After that, the amount of dividend has been added to reach the net salary income of Mr. Latter.[Referred to appendix 2]
Schedule 3-Darcey SepponovandBob Latter – “2015 through 2018Liabilities”
The liabilities of Mr. Latter show that they were experiencing lower obligations. It has been accounted for 2015/2016/ 2016/2017 and 2017/2018. The major obligation was in terms of the mortgage that has been kept by the company under the acquisition of the Greek villa. The amount has been paid in the year 2017/2018 for the villa as the mortgage was 150000 euros. This was 100000 euros for the year 2016/2017. The same mortgage has been settled in the year 2015/2016 as 12928 euros. The balances of the credit card were paid fully at the end of each month (Kebbell, 2017). However, the left amount that needs to be paid by Mr. Latter in 2015/2016 was 3072 euros. The credit card obligation for 2016/2017 was 13000. Therefore, the total liabilities that have been found for Mr. Latter in 2015/2016 were 16000 euros. Obligations that were due for the period of 2016/2017 were 113000 euros. 150000 was the total liability for the period of 2017/2018 for Mr. Latter.
It could be said that liabilities in terms of the assets acquired are less for Mr. Latter. There were a lot of assets acquired by Mr. Latter in the last there years. The expenses were also seemed to be limitless. There was an acquisition of many assets that reflects that there was an unidentified source of income for Mr. Latter. The salaries that have been assessed for Mr. Latter are in negative figures except for the period of 2017. Salary for 2018 was accounted as -22000 euros and for 2016 it was found as -16000. This means that the expenditure of Mr. Latter and his wife was more in the context of what they were earning as their annual income (Yakubu, 2017). However, Mr. Latter used to earn a remarkable amount as a dividend which as highest for the year 2018 with 64000 euros. There were several expenditures that keep the could in suspension as the expenses are higher than the income. [Referred to appendix 3]
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Place Your OrderSummary Schedule- Darcey SepponovandBob Latter –Personal Expenditures SummaryandNet Worth
Net worth and method for the personal expenses are being used when the personal evidence is inaccurate or the evidenceare not available. The method initiated in criminal investigations violations of America federal tax. It is the case in which the illegal activities of the induvial are readily available. This being proofed the calculation of the personal expenditure and net worth of the individual. Mr. Latter has been suspected in this case and the net worth and personal records are being assessed in order to find him guilty or not guilty. Net worth for Mr. Latter is being assessed with the help of subtracting the liabilities of Mr. Latter from the totalassets (Benson, 2016). It has been assessed as 12695000 during the year 2015/2016. The same assessment done for 2016/2017 reveals that the net worth of Mr. Latter is 11942000 euros. Same amount during the year 2017/2018 was assessed as 11300000. This was done in order to reach that additional income of the couple. After arriving at the net worth incomeprior to the net worth has been deducted from the net worth.
The additional income that has been made found for the year 2015/2016 was 7695000 euros. The same was accounted for as 5942000 euros for the prior of 2016/2017. 2017/2018 has a total additional income of 5300000 euros. Assets have been calculated in reference to schedule 1. Liabilities were accounted for the net worth in reference to schedule 2 and total expenditure for the couple was referenced from schedule 1. The additional income of Mr. Latter was more than what he achieved annually (Naheem, 2017). There were chances of illegal activities as found after the calculation. there are a maximum number of expenses that do not match the income of Mr. Latter. This is the major reason for suspicion as found for the couples.[Referred to appendix 4]
Applicable legislation
The takings of the crime act 2002 are a parliamentary act in the UK which majorly involve the aspects of confiscationandmoney laundering of civil recovery in this case. There are twelve (12)parts of this act and “462 schedules”. It includes all relevant acts in context of financial fallacies. Under the summary of Mr. Bob Latter, the schedule in which a beach has been found in sections 327 and 328. Section 327 of the Act includes the sorts of hiding of financial property. Therefore, Mr. Latter has been accused under this section of the crime act 2002. The allegation on Mr. Latter was he has many expenditures as compared to his stated income. A person is being charged for hiding the criminal property under the 327 section, making impersonateof the criminal based property that is kept by the person (Law, John Austen & NEBSS, 2016). It leads to making the criminal based property in decomposable expenses which later could nr be acknowledged. It includestransferring the criminal property in another form of income or asset or on the name of someone else. It is offensive in a criminal way if the purchased property belongs from some anther geographical boundary. The exception exists in the boundaries where legislation or law exists which is outskirt of South Wales, England and Northern Ireland. This has been seen in some of the properties of Mr. Latter like the property owned in Greece and there was not any personal information about this property in the discloser. This is not considered an offense when the disclosure has been made under section 338.
Section 327 (2) (b) states that, there needs to be a reasonable excuse for the delay of the discloser of the property in the later period of time. A key aspects that need to be judged in the subsection (2A) (b) of section 327 that the person is aware that non discloser is not a criminal ask in the country under which the activity has been conducted during the time in which it has been conducted and there was no legislation made for the unlawful act. Under the same act of subsection (2A) (b), states that there needs to be a proper systemfor this kind ofawareness. (Legislation, 2019)
Expert declaration
Thus, after considering the technical aspects of the case following aspects has been withdrawn:
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There has been undisclosed property with Mr. Latter which are supposed tube illegal under the cat 327.
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The “section 327 (2) (b)” states that, there needs to be a reasonable reason for the delay of the “discloser of the property” which was not made by Mr. Latter for which he needs rube alleged.
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There was the additional income of the finding for the year 2015/2016 was 7695000 euros. The same was accounted for as 5942000 euros for the prior of 2016/2017. 2017/2018 has a total additional income of 5300000 euros.
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Expenses were also high in comparison to the income.
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The salary of Mr. Latter from paradise islands was 52000 euros for 2015 and 2016, 58000 euros in 2016 and 2017 and 64000 euros between 2017 and 2018. The income clearly reflects that he could not be able to incur that much money on the available income.
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Net worth has been assessed as 12695000 during the year 2015/2016. The same assessment done for 2016/2017 reveals that the net worth of Mr. Latter is 11942000 euros. Same amount during the year 2017/2018 was assessed as 11300000.
Conclusion
Thus, it could be concluded that the expenses of Mr. Latter higher than what he has disclosed as his income. This has been assessed with the help “of the net worth and Personal” records of Mr. Latter. This was source of the income which was not available in the personal records and was incomplete. This has helped to know the criminal activities taking place for Mr. Latter in a different jurisdiction. There has been undisclosed property in Greece which was found after interviewing with the property dealers. This has been assessed in terms of the assets and liabilities that have been available for Mr. Latter for the years 2015/2016,2016/2007 and 2017/2018.
Reference list
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Book
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Keene, S. D. (2016). Threat Finance: Disconnecting the Lifeline of Organised Crime and Terrorism. UK: Routledge. Retrieved on 16.06.2019, from: http://www.conflictstudies.co.uk/files/Threat_Finance_Flyer.pdf
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Journals
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Benson, K. (2016). The Facilitation of Money Laundering by Legal and Financial Professionals Roles, Relationships and Response (Doctoral dissertation, The University of Manchester (United Kingdom)). Retrieved on 20.06.2019, from: https://www.research.manchester.ac.uk/portal/files/54585594/FULL_TEXT.PDF
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Kebbell, S. (2017). “Everybody’s Looking at Nothing”—the legal profession and the disproportionate burden of the Proceeds of Crime Act 2002. Criminal Law Review, 2017(10), 741-753. Retrieved on 18.06.2019, from: http://eprints.whiterose.ac.uk/128803/15/Kebbell_Everybody%E2%80%99s_Looking_at_Nothing_author_final.pdf
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Law, K., John Austen, I. S. G., & NEBSS, B. M. F. (2016). Virtual currencies and their potential role in cyber crime1. (07739). Retrieved on 22.06.2019, from: https://intranet.royalholloway.ac.uk/isg/documents/pdf/technicalreports/2016/rhul-isg-2016-9-kevin-law.pdf
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Maugeri, A. M. (2018). Self-laundering of the proceeds of tax evasion in comparative law: Between effectiveness and safeguards. New Journal of European Criminal Law, 9(1), 83-108. Retrieved on 17.06.2019, from: https://journals.sagepub.com/doi/pdf/10.1177/2032284418757385
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Naheem, M. A. (2017). Trade based money laundering: Exploring the implications for international banks (Doctoral dissertation). Retrieved on 21.06.2019, from: https://wlv.openrepository.com/bitstream/handle/2436/620745/NAHEEM%20PhD%20Thesis.pdf?sequence=1&isAllowed=y
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Yakubu, S. (2017). A Critical Appraisal of the Law and Practice Relating to Money Laundering in the USA and UK(Doctoral dissertation, School of Advanced Study, University of London). Retrieved on 19.06.2019, from: https://sas-space.sas.ac.uk/6697/1/Yakubu,%20S%20-%20IALS%20-%202017.pdf
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Website
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Legislation, (2019), Proceeds of Crime Act 2002 - Legislation.gov.uk, Retrieved on 23.06.2019, from: https://www.legislation.gov.uk/ukpga/2002/29/section/327
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