Firstly, who or what’s the CCAB? The Consultative Committee of Accountancy Our bodies (CCAB) was based in 1974 as an umbrella group of British and Irish skilled accountancy our bodies with Royal Charters. It has 5 member our bodies:
– Affiliation of Chartered Licensed Accountants (ACCA)
– Chartered Institute of Public Finance and Accountancy (CIPFA)
– Institute of Chartered Accountants in England and Wales (ICAEW)
– Chartered Accountants Eire (CAI, previously ICAI)
– Institute of Chartered Accountants of Scotland (ICAS)
And has a mixed membership of round 245,000 skilled accountants within the UK and the Republic of Eire and roughly 354,000 worldwide.
The first goal of the CCAB is to supply a discussion board for the member our bodies to work collectively collectively within the public curiosity on issues affecting the occupation and the broader financial system.
The CCAB subsequently allows the member our bodies to debate problems with frequent concern, and the place doable, to supply a typical voice for the accountancy occupation when coping with the UK authorities and to supply a discussion board for the.
CCAB’s credibility stems from its perception into all areas of finance and accounting, from finance director and audit companion to administration accountants, skilled advisers, public sector finance leaders and entrepreneurs. CCAB’s members work by the monetary worth chain in all sectors as key resolution makers and enterprise leaders throughout the UK and around the globe.
Cash laundering, and the related financing of terrorism, are undoubtedly threats to the correct functioning of the financial system and wider society and that’s the reason the CCAB has determined to launch its financial crime manifesto which features a main part aimed toward tackling cybercrime within the UK.
To place it in easy phrases, cash laundering is the method that enables crime to pay and, within the case of financing of terrorism, has much more vital penalties. The place the proceeds of crime are in a position to be siphoned efficiently by the official monetary system, the result’s the undermining of belief within the integrity of that system, probably to its long-term detriment and the individuals who rely upon it.
We consider that this manifesto is required now due to the sheer degree of Authorities exercise on this house at current. We’ve had the AML Motion Plan, this week the felony funds invoice, the EU’s 4th Anti Cash Laundering Directive is due for transposition and the Suspicious Exercise Reviews (SAR) regime additionally underneath evaluation.
Our manifesto incorporates proposals that we consider will additional strengthen the UK response to financial crime. Such crime (together with cybercrime) is in fact a worldwide phenomenon.
Our occupation is exclusive in that we’re the one regulated sector with a constant world normal of moral behaviour which incorporates steerage on reporting non-compliance with legal guidelines and rules even the place there isn’t any authorized requirement to take action.