News ACCOUNTING STANDARDS
HONG KONG
UKEB website launched
Hong Kong Budget: government to be prudent
The UK Endorsement Board (UKEB) is being set up as the body responsible for influencing the development and subsequently endorsing and adopting new or amended international accounting standards, issued by the International Accounting Standards Board (IASB), for use by UK companies, from 1 January 2021. The UKEB website has now been launched. It will provide access to all key developments in relation to the UKEB and its work, including: ● UK-adopted international accounting standard; ● UKEB adoption status report; ● UKEB appointments and meetings agendas and minutes, etc.; and ● the UKEB work plan. The website supports access from a range of devices, including mobile, and allows subscribers to receive email alerts on the UKEB’s activities. You can subscribe to the website by sending an email to contact@endorsement-board.uk. Chair of the UK Endorsement Board, Pauline Wallace said: “The UK Endorsement Board will be guided
by certain principles when fulfilling its responsibilities in influencing the development of international accounting standards and their subsequent adoption for use in the UK. These principles include accountability, independence, transparency and thought leadership. I am delighted to launch the website. It will be an important platform for the Board to conduct its activities transparently, as well as keeping stakeholders up to date with all news and events.” The website can be found at: www.endorsement-board.uk.
MONEY LAUNDERING
HMRC issues record £23.8 million fine for money laundering breaches HM Revenue and Customs (HMRC) published the latest list of businesses handed fines for breaching strict regulations aimed at preventing criminals from laundering illicit cash. The list includes money transfer company MT Global Limited, which has been handed the largest ever fine issued by HMRC, for significant breaches of the regulations between July 2017 and December 2019 relating to: ● risk assessments and associated record keeping; ● policies, controls and procedures; and ● fundamental customer due diligence measures. AIAWORLDWIDE.COM | ISSUE
Nick Sharp, Deputy Director of Economic Crime, Fraud Investigation Service, HMRC, said: “Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals. “Money laundering is not a victimless crime. Criminals use laundered cash to fund serious organised crime, from drug importation to child sexual exploitation, human trafficking and even terrorism. “We’re here to help businesses protect themselves from those who would prey on their services. That includes taking action against the minority who fail to meet their legal obligations under the regulations as this record fine clearly shows.”
Carrie Lam, Chief Executive, Hong Kong
Hong Kong Chief Executive Carrie Lam said the government will have to be prudent after it rolled out multiple financial relief schemes last year. She said: “The Hong Kong Special Administrative Region Government has been rolling out financial relief schemes in the whole year last year. It took a heavy toll on the public finances of the Hong Kong SAR, so we have to be very prudent. “At the moment, I understand we have no plans to extend the Employment Support Scheme, and hence I can foresee that the unemployment figures that the government is going to announce will be bad.” Mrs Lam said the government will also take into account the views of the public and the Legislative Council in the Budget consultation when considering financial relief and other future relief measures. The Financial Secretary is conducting the consultation sessions in advance of the 2021/22 Budget, which will be delivered on 24 February.
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