Recent scandals, such as the Panama Papers, have highlighted systemic weaknesses in AML facilitating abuse of the financial system on a massive scale with severe consequences for societies, businesses and citizens around the world. Professionals such as accountants are at the fore front of the fight against money laundering playing an essential gatekeeping role in preventing, detecting and reporting suspicious activities.
Transparency International EU aims to engage with the private sector to improve the implementation and effectiveness of anti-money laundering (AML) standards and practices. The initiative will focus on two sectors: accountancy and real estate. The ultimate objective is to enhance the role of the sector in the detection, prevention and reporting of the laundering of stolen assets.
This objective is met by engaging with professionals from the accountancy sector. The engagement will be ensured through the setting up of a task force bringing together representatives of the profession and representatives of Transparency International, and its partner organisations. The initiative involves both sectoral players with regulatory as well as representatives of firms under customer due diligence and regulatory obligations. The first meeting of the initiative highlighted some of the challenges facing non-financial professions in tackling money-laundering risks in their sectors.