News and views

CORRUPTION

IFAC unveils plan to fight economic crime

The International Federation of Accountants (IFAC) has unveiled its Action Plan for Fighting Corruption and Economic Crime, outlining the global profession’s approach to fighting corruption, working across all sectors.

Launching the Action Plan, IFAC said that it provides ‘a framework for how we can enhance the accountancy profession’s role in combating corruption and economic crimes’. The framework is organized into five pillars, which are: ● harnessing the full potential of education and professional development; ● supporting global standards; ● contributing towards evidence-based policy making; ● strengthening impact through engagement and public partnership; and ● contributing expertise through thought leadership and advocacy.

IFAC said: ‘These five pillars are broad enough to provide a consistent framework for actions to support the plan as it evolves over time. The boundaries between the different pillars are not meant to be clear cut.

‘The pillars are founded on the need for a whole ecosystem approach, with the global accountancy profession as a core part and contributor to that ecosystem. Other key factors include political leaders, government agencies, civil servants, business leaders, as well as company management and those charged with governance, global policymakers, law enforcement, other regulated professionals (such as lawyers), and individual citizens and taxpayers. These actors all must work together in an increasingly global – yet still largely domestic – policy framework of treaties, legislation and regulations.’

It added: ‘While many of the actions will be conducted by IFAC, it is an action plan for the whole profession. We hope that professional accountancy organisations (PAOs), network partners and individual professional accountants support this Action Plan and continue to engage on how to maximise the profession’s contributions.’

INTERNATIONAL

Accountants must read Register of Overseas Entities small print

Accountants are being urged to make sure they understand their obligations when filing clients’ details to the new Register of Overseas Entities.

Part of the Companies House reforms that came into effect on 1 August 2022, the introduction of the Register is an attempt by the government to reduce money laundering and other financial crime utilising the UK’s financial system.

In short, any overseas entities that wants to buy, sell or transfer property or land in the UK must register with Companies House and declare who their registrable beneficial owners or managing officers are.

Importantly, overseas entities must state that they have complied with their duty to take reasonable steps to identify (and provide information about) their registrable beneficial owners. Providing false or misleading information is a criminal offence.

A UK-regulated agent must complete verification checks on all beneficial owners and managing officers of an overseas entity before it can be registered. The agent must be based in the UK and supervised under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. They can be an individual or a corporate entity, such as a financial institution or legal professional.

The Department for Business, Energy and Industrial Strategy (BEIS) has produced guidance for those who may undertake verification on behalf of an overseas entity. But BEIS warns agents that ‘there are differences between what’s required under the Money Laundering Regulations (MLRs) by way of client due diligence and what is required by way of verification under the [new] Regulations. As such, a relevant person cannot only do what they would normally do under the MLRs and as set out in related industry guidance.’

BEIS said that ‘there is no risk-based approach to verification … so relevant persons must be confident they’ve seen documents and/ or information from reliable, independent sources to verify each piece of relevant information’. This places significant responsibility on the ‘relevant persons’ under the legislation, it said.

STRATEGIC PARTNERSHIP

AIA partners with leading information resource

AIA is pleased to announce its new strategic partnership with Croner-i, an information resource for tax and accounting, HR and compliance professionals.

Croner-i Navigate-Business offers a concise package for businesses that need a range of resources in one easy-to-access place. Through this partnership, AIA members can enjoy up to a 20% discount off the platform today, including a full suite of resources that will ease the dayto-day administrative pressures of owning and managing a growing business.

Announcing the partnership, AIA Director of Sales and Marketing, Carl Jepson said: ‘We are thrilled to enter into a strategic partnership with Croner-i. The partnership will offer AIA members free and exclusive use of Navigate-Business Lite, which is designed to ensure you make business decisions with all the facts to hand.

‘The new digital platform will help our members to keep their business compliant, get things done faster, and enjoy more time to focus on any key projects.’

To find out more, or to discuss package options, contact Croner-i at bit.ly/3LZ9Oa6.

AIA NEWS

AIA SCHOLARSHIPS

AIA scholarships for four Commonwealth students

AIA is proud to announce that four successful applicants have begun the newly introduced AIA Scholarship Programme, funded by The AIA Educational and Benevolent Trust. The scholarships programme aims to support students with strong career aspirations in accountancy or audit to obtain the AIA professional qualification with full financial assistance. It represents one of the steps that AIA is taking to develop financial education and provide students with a real chance to fulfil their potential, by utilising the Trust Fund available.

The AIA Scholarship Programme’s successful applicants are Gabriel Kayode Olaoye from Nigeria, Jonathan Taylor from Grenada, and Jotham Mativo Wambua and Henry Bogita Matagaro, both from Kenya. All showed the passion, drive and willingness to learn in order to develop their future career and make a difference within the accountancy profession.

AIA Scholarships The AIA Scholarship Programme offers awards to students from the UK and the Commonwealth.

The UK Scholarship is available through the AIA Accountancy Scholarship UK, two of which are given with priority to applicants from lower socio-economic backgrounds to support the AIA’s commitment to Access Accountancy. All course and exam fees for the AIA professional qualification on either the accountancy or audit route are covered by AIA Achieve Academy.

The AIA Commonwealth Scholarship is part of the AIA’s aim as a Commonwealth Accredited Organisation to support education and economy through financial education and professional skills. This award also covers all course and exam fees for the AIA professional qualification on either the accountancy or audit route.

The AIA Scholarship Programme provides a great opportunity for fully funded learning and we encourage applications from a diverse range of candidates.

2023 Scholarship Application The AIA Scholarship Programme will be open to applicants, both in the UK and Commonwealth, on an annual basis. Applications for 2023 programme will be opening in the coming months.

Carl Jepson, Director of Sales and Marketing, said: ‘AIA is keen to contribute to long-lasting change in the global accountancy profession.

‘This Scholarship Programme represents one of the steps we are taking to develop financial education and provide students with a real chance to fulfil their potential. AIA would like to congratulate the four successful students and wish them every success on their accountancy journey.’