CCAB, the collective of five accountancy bodies - ICAEW, ACCA, CIPFA, ICAS and Chartered Accountants Ireland, has published its first Manifesto for Fighting Economic Crime which urges government to take the lead in strengthening the AML regime, following government’s recently published Action Plan to stop money laundering.

In the manifesto, specifically aimed at government, CCAB makes four proposals to resolve weaknesses that are restricting the AML regime.

The manifesto suggests that having a central information resource to provide evidence of identity would help safeguard the economy. By reforming Companies House, expanding the public registrars of company ownership, it would create an information resource that banks, accountants and other businesses could visit to confirm identities.

Another suggestion is to create an intelligence portal to allow regulators and law enforcement authorities to share information on suspicious behaviour, to establish a partnership where skills and experience can be shared.

Suspicious activity reports (SAR) should be prioritised so that it can be established which crimes are tackled as a matter of urgency sooner.

Accountants should be awarded statutory recognition to ensure that all are qualified and regulated, this will in turn increase the level of trust individuals put in accountants and their skills.

Anthony Harbinson, CCAB chairman and director of safer communities, Northern Ireland Department of Justice said: ‘The bedrock of our economy and prosperity depends a great deal on the trust and integrity of financial systems. Economic crime undermines that trust, fatally so if we allow it.

‘The government needs to strengthen the national AML infrastructure, which needs specialist advice and support to ensure this infrastructure is built on solid ground. Professionally trained and qualified accountants are part of the solution to tackling AML.’

Accompanying the manifesto are a series of case studies which highlight how varied economic crime can be and shows how accountants can unintentionally become involved in money laundering etc.

Harbison said: ‘While this manifesto is aimed at government, CCAB also recognises that the profession, professional bodies and their members, have a vital role in combatting economic crime.

‘We need to play our part and CCAB is committed to ensure this happens. We are part of the solution, with a commitment to report any identified or suspected money laundering activity to the Anti-Money Laundering Authorities, such as the National Crime Agency.’

CCAB’s ‘Manifesto for Fighting Economic Crime’ is available here. 

The case studies are available here.