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The series, with its focus on accessibility and ease of use, will be a resource for Small and Medium Practices (SMPs,) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.
“Fighting money laundering—a key priority of IFAC—allows millions of professional accountants worldwide to make a real difference for the public good every day.” said Scott Hanson, Principal, Public Policy & Regulation at IFAC. “Events like the recent FinCEN leaks serve as another timely reminder of the importance of remaining vigilant on this important issue.”
Sophie Wales, Director, Technical Strategy, Tax, Ethics and Law Group, at ICAEW, said: “We are pleased to launch this new educational series with IFAC, which we hope will help chartered accountants improve their understanding of money laundering. Accountants are the gatekeepers to the financial system and play a crucial role in identifying the red flags when it comes to economic crime, so it’s vital we do what we can to ensure criminals can’t find someone else to clean their dirty money.”
Anti-Money Laundering: The Basics will be featured on both the IFAC and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog – as a starting point.
The series is the latest in IFAC’s ongoing commitment to promote AML in the public interest, following the organization’s Point of View on fighting corruption and money laundering – and its recently released joint report with CPA Canada on Beneficial Ownership Transparency.