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Starting on 19 March, the week-long #PasstheFlag campaign aims to shine a strong light on the potential impact of money laundering and how professional bodies, government agencies, policy makers and the law can work together to help address the threat of money laundering.
ACCA says that accountants must be prepared to act as gatekeepers when it comes to tackling financial crime. Members need to be aware of the signs to spot possible money laundering, and they also need to be aware of the laws and regulations that set out their role in combatting it.
Claire Bennison, head of ACCA UK comments: ‘All too often the issue of money laundering is seen as being remote from everyday life. It’s viewed as something that happens in corrupt regimes or in the more shadowy businesses at the fringes of society. But, in truth, it can be very close to home. It may be viewed as a victimless crime. But it’s far from that.’
‘The accountancy profession works in the public interest, promoting responsible and ethical business and supporting enhanced global economic performance. The profession also has a legal responsibility to report money laundering activities and a public interest responsibility to support initiatives to tackle it.’