Search Results for: accountancy

BRITAIN’S three Crown Dependencies, the Isle of Man, Jersey and Guernsey, are preparing to draft legislation to ensure their respective beneficial ownership registers are open to the public. But this access is not happening any time soon – with their governments saying they will not act before 2022.…

With China turning from capital inflow to outflow amid Chinese companies’ global expansion programs, Chinese financial institutions are facing closer anti-money laundering scrutiny, as they, too, expand globally. Indeed, China’s top five banks had 1, 270 overseas branches at the end of 2017 (according to FATF (the Financial Action Task Force).…

QUANTUM computers are now being developed that may offer accounting practices computing power to strengthen audits, but which also pose some serious cybersecurity concerns.

After decades of theorising, quantum computing is here. Google last October (2019) announced it had developed a device which it claimed took 200 seconds to sample data showing how a quantum computer works one million times (1), a task it claimed would take a standard digital super-computer 10,000 years.…

Big four accountancy firm, EY (formerly known as Ernst & Young) is to pay more than USD11 million in damages to a former partner that blew the whistle on the company’s collusion in covering up money laundering by a Dubai-based client Kaloti Jewellery International.…

WITH financial frauds growing in complexity and sophistication, it goes without saying that the importance of forensic accountants and auditors in spotting wrongdoing is increasing – so it is worrying when evidence suggests that the quality of audits maybe declining. Pressure on the audit profession in the UK, for instance, has intensified amid criticism for failing to spot financial problems at well-known companies, such as Carillion and Patisserie Valerie.…

ANTI-GRAFT group Transparency International (TI) has called on the UK government to comprehensively overhaul British anti-money laundering controls, arguing that the country risks becoming a jurisdiction notorious for weakness in fighting financial crime.

Noting Britain’s likely exit from the European Union (EU), TI warned its government must ensure its businesses meet “the highest possible” anti-crime standards.…

THE EUROPEAN dairy industry will be looking closely at the policies of the new European Commission that is now expected to assume office on December 1 – it is likely to increase pressure on the sector to improve its environmental performance.…

ACCOUNTANTS may be the designated non-financial professionals controlled by AML/CFT laws best placed to know if a client is laundering money, given their access to complete financial records. And while Financial Action Task Force (FATF) recommendations do not lay down as comprehensive a duty on accountants as banks on lodging STRs (see https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Accounting-Profession.pdf…

ACCOUNTANTS may be the designated non-financial professionals controlled by AML/CFT laws best placed to know if a client is laundering money, given their access to complete financial records. And while Financial Action Task Force (FATF) recommendations do not lay down as comprehensive a duty on accountants as banks on lodging STRs (see https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Accounting-Profession.pdf…

Gosego Motsamai, the new managing partner and country manager at KPMG Botswana, has blazed a trail by being the first woman to secure such a post in a Big Four firm within this dynamic emerging market country.

With 23 years’ experience, Motsamai still brims with passion for the profession and often works late into the evening to ensure deadlines are met, a tidy habit she has developed from her early days as an accountant.…