أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
How can one prevent it!
Responsibilities
Auditor's responsibilities regarding money laundering is to report the MLRO immediately without tipping off. The MLRO (Money Laundering Reporting Officer) than report it to SOCA (Serious Organised Crime Agnecy).
Prevention
Timely reporting it to SOCA will obviously minimise it, but not accepting the client whose activites are suspicious not only of the span of the business but also risk considered as per ISA330
There are three principal money laundering offences4 which dene money laundering to
encompass offences relating to the possession, acquisition, use, concealment or
conversion of criminal property and involvement in arrangements relating to criminal
property. These principal offences apply to all persons and businesses whether or not
they are within the regulated sector.
Auditors who consider that the actions they plan to take, or may be asked to take, will
result in themselves committing a principal money laundering offence are required to
obtain prior consent to those actions
Auditing standards on law and regulations require the auditor to obtain:
a general understanding of the legal and regulatory framework applicable to the
entity and the industry or sector in which the entity operates and how the entity is
complying with that framework
sufcient appropriate audit evidence regarding compliance with the provisions of
those laws and regulations generally recognised to have a direct effect on the
determination of material amounts and disclosures in the nancial statements
This may cause the auditor to
be suspicious that, for example, breaches of the Companies Act or tax offences have
taken place, which may be criminal offences resulting in criminal property
