CCAB Finds Exposes New Threats about Money Laundering Due to its Lack of Joined-up Approach

Friday, July 18, 2014 Print Email
It is established in the financial and accounting arena – UK anti-money laundering rules are the strongest considered across the globe. According to this law, the accountants are the “gatekeepers” of the financial system.

According to a recent research conducted by the collective forum of accountancy body CCAB (ICAEW, ACA, ICAS, CIPFA and Chartered Accountants Ireland) found that, the success of the UK’s anti-money laundering act is blocked due to disjoint approach of different organizations. Till date, the UK’s anti-money laundering act considered the strongest act across the globe, apart from this, this can be more stronger by sharing more information in a timely manner between different (and related) organizations to track illegal money laundering with great effectiveness specially on cross-border money laundering.

They also mentioned that, there are several misperceptions are involved around UK’s money laundering act. Among them, the most common are – what are the purposes of the anti-money laundering act and the responsibilities or role of the involved professionals.

The report also claims that more can be achieved within the UK’s anti-money laundering framework by adding regulatory consistency in accountancy services. The greater control can be obtained by those accountants who recognized by the global bodies.

According to Anthony Harbinson, Chair of CCAB: This report used for multiple purposes - First of all, the report used to identify what is working
currently and what’s not. Not only that, but also, the report also indicates where the professionals need to concentrate on future to play the effective roles to handle the collective and organized financial crime. He also added: AML measures (the UK’s anti-money laundering act) are implemented seriously and clearly, this is the strongest measure against illegal money laundering. But surprisingly, it is far from perfect because the success of it is completely depends on joined-up approach.

He concluded: AML makes challenges to financial criminals of collaborating the professionals, businesses, governments and their crime fighting agencies collectively, and between them, accounting professionals play the key role. Still, the accounting professionals can’t get the maximum results alone! 
Source: ReadyRatios

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