Corrupt accountants targeted by new serious crime bill

by Richard Crump

More from this author

05 Jun 2014

  • Comments
theresa-may

CORRUPT ACCOUNTANTS, lawyers and other professionals who assist organised criminal gangs have been targeted by a new bill announced by the Home Office.

The new Serious Crime Bill, outlined in yesterday's Queen's Speech, will give courts the power to prosecute white-collar criminals under a new offence that targets people who "knowingly participate in an organised crime group".

People convicted of the new offence will face up to five years' imprisonment and a civil order that restricts their travel and associates.

Home Office minister Karen Bradley, said: "Nobody is above the law. But for too long corrupt lawyers, accountants and other professionals have tried to evade justice by hiding behind a veneer of respectability. This new offence sends out a clear message to those individuals: if you are helping to oil the wheels of organised crime, you will be prosecuted and face being jailed."

Commenting on the new bill, Felicity Banks, ICAEW's head of company law, said: "As existing anti-money laundering legislation makes it clear that concealing or facilitating the acquisition, retention, use or control of criminal property is an offence, it is important that any new legislation in this area clarifies - rather than blurs the lines - of what is acceptable behaviour.

"Anybody can call themselves an accountant, but where they are not members of a professional body there are limited ways of ensuring that they act legally or ethically."

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.