The Institute of Chartered Accountants in England and Wales (ICAEW) and the International Federation of Accountants (IFAC) has released the first instalment in its Anti-Money Laundering: The Basics educational series: Installment 1: Introduction to Anti-Money Laundering for Professional Accountants.
The publication is part of a 6-month short series which aims to help 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. The series is designed to be a resource for Small and Medium Practices (SMPs,) and accountants less familiar with Anti-Money Laundering (AML), while also providing guidance for those looking for a quick refresher or reference.
Anti-Money Laundering: The Basics will be featured on both the IFAC and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force – the global money laundering and terrorist financing watchdog – as a starting point.
ICAEW director, Technical Strategy, Tax, Ethics and Law Group Sophie Wales 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.”