BDO issues carousel fraud statement
Mid-tier firm takes lead in condemning MTIC fraud
BDO Stoy Hayward has issued a statement condemning carousel fraud.
In it, the mid-tier firm announced several measures it is taking to restrict
the spread of the frauds, also known as MTIC frauds.
The statement reads: ‘As a leading professional services firm we condemn all
Missing Trader Intra-Community (MTIC) fraud, and confirm we have adequate
procedures in place to report suspected criminal activity.
‘Our firm-wide client acceptance and annual re-acceptance procedures provide
robust assurance that we only work with, and will continue to only work with,
legitimate businesses.
‘Given the current spread of MTIC fraud BDO Stoy Hayward will endeavour to
maintain a high level of awareness amongst its clients and potential clients of
such fraud. To achieve this we will continue to:
‘i) Provide information to clients of the dangers they face if they trade
with an MTIC fraudster, offering guidance of the characteristics of the
promoters of MTIC and similar frauds;
‘ii) Recommend to our clients that those particularly susceptible to MTIC
fraud or to involvement in an MTIC supply chain should raise awareness
internally of the potential risks;
‘iii) Continue to inform our employees of the appropriate personnel to
contact when they suspect MTIC fraud, operating in conjunction with our existing
money laundering reporting officer and Proceeds of Crime Act obligations.’