Opinion – Time to shout about it.

Opinion - Time to shout about it.

There’s nothing new about money laundering, a problem the International Monetary Fund estimates costs the world economy a sum roughly equivalent to the GDP of Spain.

And there’s nothing new about the measures the government has announced to tackle it in the last fortnight as part of the UK’s contribution to the war on terror. Licensing of bureaux de change, for instance, was a step recommended by the international Financial Action Task Force on money laundering some four years ago.

But there is a danger that accountants – and lawyers – emerge as the bad guys. FATF has warned these professionals are vulnerable, as money launderers would seek them out to add – knowingly or otherwise – implied credibility to suspicious financial transactions.

The National Criminal Intelligence Service frequently condemns accountants and lawyers for failing to report what it sees as anything like enough transactions. Much of the responsibility for money laundering must rest with the banks and bureaux. But through the government and the FSA these areas are being tightened up. And you can bet the banks in particular will make sure the world knows this is happening.

The FSA takes responsibility for accountants conducting investment business in December. Its money laundering rules will bite accountants then. Before that though it would be good to see accountants tell the wider world that they too are playing their part in this battle.

Accountancy Age often condemns accountants for failing to trumpet successes.

But at a time like this accountants should be arguing – loudly – that when it comes to fighting money laundering, their own house is very much in order.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource