Act misses chance to fight financial crime

Opportunities have been missed to strengthen the fight against financial crime before the general election next month, says the ICAEW.

Link: Organised crime groups target accountants

The Serious Organised Crime and Police Bill received royal assent on the last day of parliament yesterday, but the ICAEW insists the legislation could have gone much further.

The institute is concerned that should have removed elements of the Act that will cause the duplication of work, especially the reporting of suspicious activity.

Karen Silcock, chairman of the institute’s money laundering working party, said: ‘This Act has missed a number of opportunities to improve the efficiency and effectiveness of the partnership between the regulated professional sector and law enforcement.

‘Submitting reports which duplicate information known to be already in the hands of the National Criminal Intelligence Service can only waste the time of NCIS and law enforcement personnel, as well as impose unnecessary reporting costs on business.’

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