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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Dec- 2024 -18 DecemberAdvice & Best Practice
Authorised Corporate Service Providers: How the Accountancy Sector can support the fight against economic crime
Following the introduction of the Economic Crime and Corporate Transparency Act to UK law, we at Companies House have been afforded enhanced powers to combat financial crime. Our priority is to increase corporate transparency and accountability, and accordingly, businesses will have to adapt to ensure they are compliant with this…
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2 DecemberAdvice & Best Practice
Clued up on crypto? An accountancy guide to digital currency
Offering more efficient transactions, better (albeit less stable) interest rates, and increased relevance in a marketplace of global transactions, it is little wonder that the growth in cryptocurrency has been little short of explosive. Already more than a $3.47trillion marketplace, cryptocurrency is expected to grow at 13.1% per annum between…
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Aug- 2024 -29 AugustAdvice & Best Practice
What the AML regulations mean in practice
The National Crime Agency estimates that money laundering operations within the UK economy reach into the hundreds of billions of pounds. To aid accountants in navigating and advancing their compliance with anti-money laundering (AML) requirements, Tim Pinkney, the IFA’s Director of Professional Standards, explores key AML concerns. AML regulations accountants…
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28 AugustCrime
Money laundering cases reaching courts on the rise, KPMG finds
Money laundering cases reaching the UK crown courts are on the rise, with nine cases collectively worth £128.2m heard so far this year, according to new figures from KPMG UK’s mid-year Fraud Barometer. Money laundering has been the most common fraud type by value in the last six months, and…
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16 AugustLatest News
Today’s news in brief – 16/8/2024
The FCA has fined PwC £15m for failing to report suspicions of fraudulent activity during its 2016 audit of London Capital and Finance (LCF). Despite encountering significant issues, PwC did not alert the FCA, even though it was legally obligated to do so. LCF collapsed in 2019, misleading thousands of…
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16 AugustRegulators
FRC launches discussion paper on future of UK digital reporting
The Financial Reporting Council has announced the launch of a comprehensive discussion paper on the future of digital reporting in the UK, as part of a cross-regulatory group. The group, comprising the Financial Conduct Authority, Companies House, HMRC and Charity Commission for England and Wales, aims to gather stakeholder feedback…
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Jul- 2024 -31 JulyPeople Moves
PwC UK unveils 11 partner promotions
PwC UK has announced the promotion of 11 new equity partners – Nick Barlow, Karen Best, Mark Gregory, Craig Fitzpatrick, James Lewin, David Pedler, Tim De-Beger, Alan Hendry, Tom Williams, Laura Morroll and Shamil Ganatra – in its deals practice. Effective from this month, these promotions are across the lead…
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26 JulyAdvice & Best Practice
The Economic Crime and Corporate Transparency Act: an overview
The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which received Royal Assent on 26 October 2023 and became law, covers a wide range of reforms – Companies House being one of many that have been overhauled under this act. The act builds on the Economic Crime (Transparency and Enforcement)…
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22 JulyFeatures
A guide to navigating complex financial regulations
In the ever-evolving landscape of financial regulation, UK accountants find themselves navigating a labyrinth of rules, standards, and compliance requirements. As guardians of financial integrity and compliance, accountants must stay abreast of these changes to effectively guide their clients and organisations. This guide aims to provide a comprehensive overview of…
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17 JulyPolitics
Starmer vows to ‘make work pay’ in King’s Speech
The new Labour government has outlined its main goals for the new parliament as part of the King’s Speech today (17 July) with a central focus of “ improving living standards for working people through economic growth”. Key points outlined in the speech, read by the King but written by…
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