From: The Irish News
ACCOUNTANTS’ ‘professional scepticism’ is the first line of defence in tackling money laundering and terrorist financing, according to guidance issued in Northern Ireland by the anti-money laundering task force of CCAB, the collective forum of accountancy bodies including ACCA and Chartered Accountants Ireland.
The advice lists a number of red flags which accountants and finance professionals need to be aware of – from wire transfers following cash deposits to negative media coverage about the client or company.
Anthony Harbinson, chair of the CCAB task force and director of safer communities at the Northern Ireland Department of Justice said: Funding terrorist activity is not necessarily expensive, with small amounts of money often financing such crimes.
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“The fact that we are not looking at large amounts of money changing hands makes terrorist financing that much more difficult for an accountant to spot, but not impossible. It’s often so called ‘low level or ‘low risk’ activities that fund crime and terrorism – DVD pirating, counterfeiting, cigarette smuggling or credit card fraud.”
