ICAEW Looks to Tackle Anti-Money Laundering at B20 Indonesia

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DigitalCFO Newsroom | 28 July 2022

ICAEW will be working to tackle the issue of anti-money laundering (AML) through programme development and policy deliverables. 

The Institute of Chartered Accountants in England and Wales (ICAEW) will be participating at B20 Indonesia 2022, the official G20 dialogue forum with the global business community, as a member of the Integrity and Compliance Task Force. Along with other key stakeholders in the global business ecosystem, they will be working to tackle the issue of anti-money laundering (AML) through programme development and policy deliverables. 

The impact of money laundering, the process by which the profits of illegal activities are disguised and made to appear legitimate, can be devastating and not to be undermined. More than just a financial fraud, it could fund other serious crimes such as modern slavery, drugs trafficking, corruption, and terrorism, among others.

As such, ICAEW—the largest chartered accountancy body in UK—plays an important role in providing guidance and resources to help members comply with their legal and professional responsibilities. It currently supervises around 11,000 accountancy firms through its strategy of providing robust anti-money laundering supervision, using a risk-based regime. 

This means that ICAEW’s efforts are focused on firms where the risk that they will be used to enable money laundering is highest. At the same time, ICAEW offers help and support to firms where appropriate, through providing guidance and resources for practical advice and highlighting issues for consideration.

Integrity and Compliance Task Force at B20 Summit

Together with the global business community, the B20 had convened the Integrity and Compliance Task Force (previously known as the Anti-Corruption Task Force) as one of their seven priorities on the agenda since 2012.

One of the issues of importance to the task force is the escalated threat of money laundering/terrorist financing (ML/TF), especially in the climate of recovery and growth amidst the pandemic. The task force looks to initiate important discussions around the subject on managing a third party and regulatory compliance risk, and strategic approaches on how to nurture agility in counteract measures to battle ML/TF.

ICAEW’s Focus on AML

As part of the task force, ICAEW will be working closely with key stakeholders in the global business ecosystem to develop programmes that will be translated into policy deliverables in the lead up to the B20 Indonesia taking place in November.

On 28 September 2022, ICAEW will be hosting an event to launch their training film All Too Familiar – which explores the subject of anti-money laundering and corporate governance. It aims to challenge mindsets and spark discussion on the need for greater professional scepticism when encountering potential money laundering risks. A panel discussion with various business leaders will also take place as part of the event, where they will further explore and expand on the topic of AML.

Following the event, a report on AML co-authored by ICAEW will be released officially on the same day.

“ICAEW is honoured to be given this opportunity to derive policy deliverables for discussion at the B20 Indonesia, and we are confident that our knowledge and expertise in this area can help to address these important issues of money laundering and terrorist financing so that businesses can thrive,” said Mark Billington, ICAEW Managing Director, International.

“We look forward to participating and contributing at this global event.”