Crime

ICAEW launches anti-money laundering educational series 

The ICAEW has announced the first installment in its Anti-Money Laundering: The Basics educational series, marking the start of a six-part series published alongside the International Federation of Accountants (IFAC). 

The first installment is entitled Introduction to Anti-Money Laundering for Professional Accountants.

According to the ICAEW, the series is aimed at helping professional accountants “enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest”. 

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It will focus on accessibility and ease of use, and is expected to be a resource for small and medium practices (SMPs,) and accountants less familiar with AML.

The series will be featured on both the IFAC and ICAEW websites and available for download for free. 

In addition, it will use the risk-based approach of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, as a “starting point”.  

Scott Hanson, principle, public policy and regulation at IFAC, said: “Fighting money laundering—a key priority of IFAC—allows millions of professional accountants worldwide to make a real difference for the public good every day.

“Events like the recent FinCEN leaks serve as another timely reminder of the importance of remaining vigilant on this important issue.”

Sophie Wales, director, technical strategy, tax, ethics and law group, at ICAEW, said: “We are pleased to launch this new educational series with IFAC, which we hope will help chartered accountants improve their understanding of money laundering. 

“Accountants are the gatekeepers to the financial system and play a crucial role in identifying the red flags when it comes to economic crime, so it’s vital we do what we can to ensure criminals can’t find someone else to clean their dirty money.”

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