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Question 2 (half question 12.5 marks) During the course of an audit of AllinBetting Ltd,...

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Question 2 (half question 12.5 marks) During the course of an audit of AllinBetting Ltd, the auditors BetBuddy LLP discovered that a client named Mr. Lucky made a 2,000 bet every month on a horse with long odds. Every month, Mr. Lucky's bet generated winnings in excess of 20,000. In 2019, Mr. Fit having not lost one bet, netted winnings of 263,000 from successful bets. BetBuddy Ltd is now suspicious that Mr. Lucky may not be real and that the directors may be using AllinBetting Ltd to launder money. A Requirement: + (0) Define the term money laundering and explain any TWO ways by which this offence can be committed. AND (ii) Outline the legal obligations imposed upon auditors where a suspicion of money laundering occurs

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