Search Results for: accountancy

With their large financial services industries and open economies, the United Kingdom and the Republic of Ireland are conspicuously exposed to money laundering (ML) and terrorist financing (TF) risks.

Tough anti-money laundering (AML) and countering the financing of terrorism (CFT) policies are at the heart of their respective financial services regulations, yet both countries are regularly forced to fend off criticisms that they are not doing enough to tackle these problems.…

THE TOTAL value of frauds committed in the UK fell 64.7% to GBP746.3 million (USD994 million) in 2018, from a record GBP2.1 billion (USD2.8 billion) in 2017, accountancy advisory firm BDO LLP announced this week. But the company’s annual FraudTrack report*, released February 25, however, shows that despite this dramatic fall in value, the number of reported fraud cases in Britain only decreased 9% – from 577 to 525 – during this time.…

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.…

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.…