How accountants can reduce the risk of money laundering

By CA Today

1 February 2018

Serious and organised crime costs the UK economy £24 billion each year and we know that criminals target accounting professionals to help them, often unknowingly, hide the proceeds of these crimes.

In order to tackle this, the UK government is working with ICAS and other professional bodies to run the cross-sector anti-money laundering campaign, “Flag It Up”.

The campaign aims to highlight the threat from money-laundering and provide best practice advice and guidance on risk-based due diligence, with previous activity successfully driving increased interest in and engagement with online anti-money laundering guidance by professionals within accountancy.

The Flag It Up campaign has produced a video aimed at accountants that aims to raise awareness of the threat of money laundering and clarify its impact.

Elizabeth Baker from the Serious Fraud Office and Angela Foyle from BDO LLP provide their insight and advice in the video, which has been produced to remind accountancy professionals of the key role they have to play in tackling money laundering in the UK financial sector.



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