The Consultative Committee of Accountancy Bodies (CCAB) published its Economic Crime Manifesto today outlining what more must be done to build and maintain the UK's resilience to economic crime.
The manifesto calls for four areas for change:
- Suspicious Activity Reporting (SARs) reform and intelligence sharing.
- Ongoing funding of the UK’s Economic Crime Plan. While supporting actions within the UK’s Economic Crime Plan and recognising that member firms will be making a sizeable financial contribution through the Economic Crime Levy (see further details in our previous 1 October News ) the CCAB says there is a need for a much wider funding model to include large business outside of the regulated sector.
- More action to eliminate modern day slavery from supply chains.
- Public education on fraud risk and personal finance. The CCAB is of the view that there is a lack of understanding among the general public about how they could become a victim, and the clever ways that fraudsters may target them.
In the press release accompanying the manifesto ,Paul Henry, chair of CCAB and President of Chartered Accountants Ireland supported the need to strengthen AML defences and said that intelligence sharing between the accountancy profession and law enforcement is essential.
The manifesto will now be sent by CCAB to UK policymakers and government officials.
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