ACCA issues euro fraud warning
The introduction of high-value euro notes on 1 January, makes it vital for businesses to tackle the issues of counterfeiting, money laundering and fraud.
According to the Association of Chartered Certified Accountants, there is an increased risk of counterfeiting, as criminals will attempt to exploit people’s unfamiliarity with the new currency.
The accounting institute believes money launderers may use the new currency to manipulate currency conversion systems beyond auditors’ checks, with small businesses possibly most at risk, as they have limited resources to combat fraud.
Victoria Jonson, projects officer at ACCA’s Small Business Unit, said: ‘Accountants can help to revise accounting systems and advise companies on the required changes to bank accounts, cash management and investments. The introduction of euro notes provides an opportunity for accountants to help their clients review who they sell to, how and why’.