Crime
Our coverage on Crime examines financial misconduct, fraud, and regulatory breaches within the UK accountancy sector. Accountancy Today reports on high-profile cases, such as the FCA’s investigation into Wood Group for allegedly withholding information from auditors, and the FRC’s £2.9 million fine imposed on PwC for serious audit failings related to Wyelands Bank . We also highlight instances of individual misconduct, including the 20-year ban of a former BDO manager for extensive document falsification . Our editorial provides insights into the evolving landscape of financial crime, regulatory enforcement, and the implications for accountants, partners, and compliance officers.
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Aug- 2021 -4 AugustSponsored
Regulate advisers in unregulated sector, not more standards by imposing PII, IFA urges HMRC
HMRC’s consultation on raising standards in the tax advice market: professional indemnity insurance and defining tax advice sets out proposals to impose professional indemnity insurance on those tax advisers who are not members of a professional body. Yet this is just masking the wider need to regulate all accountants and protect…
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3 AugustFeatures
IFA: Regulate advisers in unregulated sector, not more standards by imposing PII
HMRC’s consultation on Raising standards in the tax advice market: professional indemnity insurance and defining tax advice sets out proposals to impose professional indemnity insurance on those tax advisers who are not members of a professional body. Yet this is just masking the wider need to regulate all accountants and protect…
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Jul- 2021 -23 JulyCrime
Community order for director who tried to run ‘phoenixed company’
A director, working in the wholesale trade, has been sentenced to 120 hours unpaid work and community order after he attempted to run “a phoenixed company”. Prosecuted Isaac Jacobson from Salford, was already serving a seven year disqualification following the liquidation of his company, Jacob Isaacs and Co Ltd. Jacobson…
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Jun- 2021 -28 JuneCoronavirus
HMRC launches over 12,000 probes into Covid scheme fraud
HM Revenue and Customs (HMRC) has carried out over 12,000 interventions relating to the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) and Eat Out to Help Out Scheme (EOHO), according to research by law firm BLM. HMRC provided information on the number of formal compliance interventions…
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18 JuneComment
How the FCA is proving formidable against financial crime at international firms
The FCA has proven itself a formidable regulator, with numerous high profile actions in recent years, including a £48 million fine levied on Goldman Sachs in October 2020 for risk management failures in connection with 1MDB; the £102 million fine of Standard Chartered Bank in April 2019 for money laundering…
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11 JuneAccounting Standards
IFAC endorses Forum’s fight against financial crime
The International Federation of Accountants (IFAC) has publicly endorsed the World Economic Forum’s (the Forum) Unifying Framework as part of its fight against global financial crime. As part of the report, the Forum is promoting the work done by accountants, bankers and lawyers who work to stop or interrupt financial…
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8 JunePeople Moves
Mazars names new global senior advisor
Mazars, has announced the appointment of Sylvie Matherat as global senior advisor to its financial services practice. Matherat is an “expert” on financial services regulatory matters and was a member of the High Level Forum on the Capital Markets Union at the European Commission. In her new role, she will…
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4 JunePeople Moves
Smith & Williamson appoints forensics services director
Smith and Williamson has announced the appointment of Jenny Reed as director at the group’s forensics services team. Reed will provide the role with over 20 years of experience in the industry, first acting as an auditor before moving into technical, training, and compliance. Joining from Baker Tilly, Reed has…
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May- 2021 -28 MayFeatures
Going underground: accountants warned to monitor for underground banking risk
The Institute of Financial Accountants (IFA) and National Crime Agency (NCA) are warning accountants and agents to increase their vigilance for underground banking, as usage grows and the risk builds. Underground banking, which is a form of informal value transfer system (IVTS), is commonly used for transactions originating in China,…
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28 MayPeople Moves
PKF Francis Clark adds cyber security specialist
PKF Francis Clark has announced the appointment of Ryan Goodwin as cyber security specialist at the group. Goodwin will be tasked with advising clients on how to safeguard their IT systems by carrying out vulnerability assessments, penetration testing and training, and responding to incidents as they happen. His addition comes…
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