(b) Comment on the need for ethical guidance for accountants on money laundering. (4 marks
(b) Comment on the need for ethical guidance for accountants on money laundering. (4 marks)
(b) Need for ethical guidance
■ Accountants (firms and individuals) working in a country that criminalises money laundering are required to comply with
anti-money laundering legislation and failure to do so can lead to severe penalties. Guidance is needed because:
– legal requirements are onerous;
– money laundering is widely defined; and
– accountants may otherwise be used, unwittingly, to launder criminal funds.
■ Accountants need ethical guidance on matters where there is conflict between legal responsibilities and professional
responsibilities. In particular, professional accountants are bound by a duty of confidentiality to their clients. Guidance
is needed to explain:
– how statutory provisions give protection against criminal action for members in respect of their confidentiality
requirements;
– when client confidentiality over-ride provisions are available.
■ Further guidance is needed to explain the interaction between accountants’ responsibilities to report money laundering
offences and other reporting responsibilities, for example:
– reporting to regulators;
– auditor’s reports on financial statements (ISA 700);
– reports to those charged with governance (ISA 260);
– reporting misconduct by members of the same body.
■ Professional accountants are required to communicate with each other when there is a change in professional
appointment (i.e. ‘professional etiquette’). Additional ethical guidance is needed on how to respond to a ‘clearance’ letter
where a report of suspicion has been made (or is being contemplated) in respect of the client in question.
Tutorial note: Although the term ‘professional clearance’ is widely used, remember that there is no ‘clearance’ that the
incumbent accountant can give or withhold.
■ Ethical guidance is needed to make accountants working in countries that do not criminalise money laundering aware
of how anti-money laundering legislation may nevertheless affect them. Such accountants may commit an offence if,
for example, they conduct limited assignments or have meetings in a country having anti-money laundering legislation
(e.g. UK, Ireland, Singapore, Australia and the United States).
He only 什么 a little money on clothes.Most of his 其他 2020-05-13 …
英语句子正误She doesn’t spend much money on dresses不太明白 英语 2020-05-16 …
英语同义词转换,急1.I usually spend a lot of money on stor 英语 2020-05-16 …
He says that he will_____to me in three daysA.ret 英语 2020-05-16 …
They are over 500 people in the shopping mall at 英语 2020-05-16 …
英语高手注意啦帮忙做几个填空题救命呀!1)The of the dinner party was 英语 2020-05-16 …
Although there is no doubt that heart surgery can 英语 2020-05-16 …
单项选择:1.Jim's father always wears the same T-shirt 英语 2020-05-16 …
请问With some advance plans/planning,Pamela will su 英语 2020-05-16 …
初三英语填空 写理由In my room,I saw the piggy-bank(储蓄罐),in 英语 2020-05-17 …