Search Results for: accountancy

THE DYNAMIC east Asian powerhouses of Hong Kong and Singapore are both models for good practice in anti-money laundering/combating the financing of terrorism (AML/CFT) – sharing both an efficient and open UK-inspired legal system and a need for a clean image internationally that helps maintain their status as hubs of global trade and finance.…

AUDITORS have not received a good press in the area of combating financial fraud. Financial disasters involving fraudulent practices include the notorious collapses of Lehman Brothers and the HBOS bank. A New York attorney concluded in 2007 that “EY substantially assisted Lehman Brothers… to engage in a massive accounting fraud”.…

From climate change to digitalisation, there is no shortage of economic challenges facing the small island states of the Caribbean, but the region’s accounting sector has the capacity to manage upcoming change.

For many such financial professionals, being a part of ACCA – which this year will mark its 20^th in the region – is integral to progress.…

AS DIGITALISATION takes over supply chains, disruptive technologies such as blockchain and artificial intelligence are revolutionising industries globally – and the knitwear industry is no exception. Indeed, the launch of the world’s first system tracking and tracing knitwear with blockchain technology, launched in May 2017, has stirred the industry’s interest, experts behind the project say.…

WITH reputational risk being an increasing concern for investors, the demand for information in accountancy reports that goes well beyond the balance sheet is growing. And, companies want to be sure that such data is of solid quality – making emerging forms of external reporting (EER) assurance the key focus of a high-level accounting meeting staged in Brussels on November 8.…

THE UK Serious Fraud Office (SFO) has opened a criminal investigation into fraudulent activity at bakery chain Valerie Patisserie by finance director Chris Marsh after a GBP20 million black hole was found in the accounts.  After discovering historical statements about company finances were “were mis-stated and subject to fraudulent activity and accounting irregularities,” Chairman of the Board, Luke Johnson, had to step in with loans from his own funds to stop the chain sinking.…

NEW European Union (EU) rules on whistleblower protection proposed by the European Commission will help the fight against money laundering and terrorist financing, EU experts have told Money Laundering Bulletin.

The proposals unveiled on April 23 for a directive ‘on the protection of persons reporting on breaches of Union law[*], “will strengthen the enforcement of the fourth anti-money laundering directive [4AMLD], complementing the directive’s existing rules [Article 61] on whistleblower protection, aligning them with the common high standards of protection,” a Commission official said.…

CONCERNS continue to grow about capacity in anti-money laundering/combating the financing of terrorism (AML/CFT) systems, with managers being urged to take advantage of the AML profession’s openness to change.

A Dow Jones/ACAMS (Association of Certified Anti-Money Laundering Specialists) global anti-money laundering survey focusing on retail and commercial banking, private banking/wealth management and investment banking, released April 2016, showed 60% of respondents cited increased regulatory expectations as the greatest AML compliance challenge (http://files.acams.org/pdfs/2016/Dow_Jones_and_ACAMS_Global_Anti-Money_Laundering_Survey_Results_2016.pdf…

FRAUD poses a “tremendous threat to organisations of all types and sizes, in all parts of the world”, according to the Association of Certified Fraud Examiners (ACFE) – which like many expert groups have sought to demonstrate the scale of the problem with statistics.…

FRAUD poses a “tremendous threat to organisations of all types and sizes, in all parts of the world”, according to the Association of Certified Fraud Examiners (ACFE) – which like many expert groups have sought to demonstrate the scale of the problem with statistics.…