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In its Manifesto for Fighting Economic Crime, CCAB recommends a clear and achievable four point plan to tackle money laundering and terrorist financing:
1. A central information resource able to provide evidence of identity would help safeguard the economy and eliminate unnecessary cost.
2. An intelligence portal to share information on suspicious individuals or entities between regulators and law enforcement authorities, supported by better mechanisms for sharing skills and experience, would together help cement a true private-public crime fighting partnership.
3. A system for prioritising suspicious activity reports, to sort the wheat from the chaff at an early stage of processing, would help target law enforcement resources.
4. By giving statutory recognition to ‘accounting services’, this could ensure that all accountants are appropriately qualified and regulated, promoting trust in the ‘gatekeepers’ of the economy by raising their skills and standards, and making sure that all ‘gates’ are guarded with equal vigilance.