CCAB anti-money laundering campaign

The CCAB is the collective forum of accountancy bodies ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland.

In 2015 the CCAB’s Anti-Money Laundering Taskforce issued guidance on tackling money laundering and terrorist financing. The guidance 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.

The guides are timely given a recent report from Transparency International which revealed the lack of powers available to law enforcement agencies to stop corrupt money being laundered through the UK. This report was issued when news broke that the Government has delayed its review into the UK’s Anti Money Laundering regime.

The CCAB’s financial activity alarm bells include the use of cash mules, pre-paid gift cards, pre-paid credit cards and diversion of funds.

Accountants need to conduct due diligence with their clients, advises the CCAB, and highlights the following red flags:

  • unusual business activity
  • being unable to ascertain sources of funds
  • transfers of money where there is no apparent business relationships
  • sending or receiving funds by international transfers to/from locations of concern - keep an eye on the HM Treasury sanctions list for high risk jurisdictions
  • wire transfers following cash deposits
  • negative media coverage about the client/company.

Click on the links below to download the guides.

European conference 

In November 2015, the CCAB brought together leading accountancy groups in Brussels to discuss the role of accountants and finance professionals in implementing anti-money laundering requirements and fighting terrorist financing. The debate focused on the importance of greater professional scepticism and transparency. 

The conference report can be downloaded below.

CCAB Guidance Accountants and Counter Terrorist Financing

PDF 111 KB

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CCAB Guidance Money Laundering Regulations

PDF 95 KB

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CCAB Fighting Money Laundering and Terrorist Financing Report 11 2015

PDF 507 KB

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