The Consultative Committee of Accountancy Bodies (CCAB) publishes its manifesto today outlining what more must be done to build and maintain the UKҳ resilience against economic crime. The Manifesto calls for four clear areas for change including SARs (Suspicious Activity Reporting) reform and intelligence sharing, ongoing funding of the UKҳ Economic Crime Plan, more action to eliminate modern day slavery from supply chains and the need for public education on fraud risk and personal finance. Angela Foyle, Chair of the CCAB Economic Crime Panel says: яur first economic crime manifesto was launched 5 years ago, and since then progress has been made in key areas, including proposed reforms to Companies House to introduce identity verification for company directors, and a raft of initiatives from the UKҳ Economic Crime Plan. However, we remain mindful of the challenges, especially as Covid-19 and Brexit present complex scenarios that can be exploited. хconomic crime is damaging and widespread, and we believe that our manifesto presents actions which the UK, Scottish and Welsh governments need to address. These are sensible reforms and actions to ensure the progress already achieved in the UKҳ Economic Crime Plan with the aim of maintaining the UKҳ resilience against economic criminal activity.Ҽ/p> Also commenting on the manifesto, Paul Henry, chair of CCAB and director of property consultancy Osborne King adds: єhe leaking of the Pandora Papers is a timely reminder of the need to strengthen our AML defences. SARs reporting is clearly one important tool in the fight against money laundering but further reform is needed to make intelligence sharing more effective including a two-way intelligence sharing mechanism to enable law enforcement to share new and emerging intelligence with professional body supervisors. As we say in the manifesto, intelligence sharing between the accountancy profession and law enforcement is essential.Ҽ/p> CCABҳ Economic Crime Panel will send the manifesto to policymakers and government officials to highlight these areas of concern and to reinforce the vital role of the professional qualified accountancy profession in mitigating these economic crimes. To find out more, download the CCAB Economic Crime Manifesto here. The CCAB is comprised of five bodies ֠ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland. CCAB provides a forum for the bodies to work together collectively in the public interest on matters affecting the profession and the wider economy. The post CCAB releases Economic Crime Manifesto calling for more measures to ѭaintain the UKҳ resilienceҠappeared first on Accounting Insight News. ------------------------------------------------------ By: Becky Webb Title: CCAB releases Economic Crime Manifesto calling for more measures to ѭaintain the UKҳ resilienceҼbr>Sourced From: www.accountex.co.uk/insight/2021/11/02/ccab-releases-economic-crime-manifesto-calling-for-more-measures-to-maintain-the-uks-resilience/ Published Date: Tue, 02 Nov 2021 12:14:03 +0000 Read More Did you miss our previous article... https://chieffinancialofficer.blog/controller/here-are-eight-tips-to-help-you-manage-your-household-budget-smoothly