CCAB Press Release

Tuesday, July 15, 2014 Print Email
As per the Consultative Committee of Accountancy Bodies (CCAB), an umbrella group of chartered professional bodies of British qualified accountants, the success of the United Kingdom’s Anti-Money Laundering (AML) regime is being affected by the disorganized approach and lack of co-ordination between organizations.

The report ‘Coming out in the wash’, explains view of top business and accountancy professionals, policymakers and law enforcement officials on UK’s AML regime. According to them, UK’s AML regime is considered to be one of the best regimes, however there is a lot more that can be done to improve it. There are misperceptions over the purpose of the regime and role of professionals in the regime. The solution to this is the effective communication of the valuable work of the professions to the general public and business community.

As per Anthony Harbinson, Chairman of CCAB, purpose of the report was to highlight the effective and ineffective areas of the AML framework and to define a future direction to tackle this organised crime collectively. He stressed on the fact that AML measures are taken seriously across the accountancy profession but the system is far from perfection. The report aims to identify where they can work with others in a collective manner, as more EU member states implement the regime following the extension of fourth money laundering directive. As per him, the report should act as food for thought for the authorities.

Chairman further stated that the accountancy profession is willing to play a key role in tackling the challenges posed by the AML regime but they cannot do it alone and it needs to be faced collectively.

The future of AML:

As per the participants of the report, in future, there will be better awareness of AML and enhanced emphasis on sharing of information among stakeholders involved in the regime. Strict regulation with increased control over unregulated sector and a more standardised approach across accountancy firms is expected.

Anthony Harbinson said that the financial criminals are well organised, resourced and innovative and ready to exploit the new opportunities. In order to counter them, the entire financial sector needs to follow same commitment and professionalism. 
Source: ReadyRatios

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