Economic Crime Manifesto
CCAB launched its first Economic Crime Manifesto in 2016. Directed at Government, it highlights four key public policy areas for improvement of the effectiveness and capabilities of anti-money laundering (AML) in the UK.
CCAB believes that professionally trained and qualified accountants are part of the solution to tackling Economic Crime with a commitment to report any identified or suspected money laundering activity to the Financial Intelligence Unit within the National Crime Agency.
In all of this, CCAB, and its bodies, are cognisant of the terrible but often-unreported harm done to the health, relationships, professional standing, family life and financial prospects of victims and innocent by-standers. The professional accountancy bodies and their members have a vital role in combatting this type of crime.
Guidance and Resources
The CCAB commissioned a third-party agency Populus (now Yonder) to conduct research into the views of CCAB body members on the client due diligence checks they are required to perform as part of their Anti-Money Laundering responsibilities.
This is draft guidance pending approval from HM Treasury, published in September 2020. This guidance is based on the law and regulations as of 10 January 2020.
The practice of Fishing is the removal of a creature from its habitat which does not wish to be removed. The practice of Phishing is the removal of information from an individual who does not wish to provide the information which has been removed.
In view of the current Covid-19 there may be circumstances in which a client requires urgent advice in a time frame that does not allow completion of client due diligence (CDD) in sufficient time.
Members of the Economic Crime Panel
Chairman + BDO
Aver Chartered Accountants
Chartered Accountants Ireland