Responding to the publication of the government’s Economic Crime Bill, Michael Izza, ICAEW Chief Executive, said:
“Economic crime is a scourge on society, so we strongly support the government’s decision to expedite publication of the Economic Crime Bill.
“These reforms will improve transparency, which will help accountancy firms carry out customer due diligence checks, while important measures – including on unexplained wealth orders, overseas entities and the enforcement of sanctions – will aid work to tackle economic crime. However, as serious criminals are likely to provide false information, it’s vital that resources to enforce reforms on overseas entities are provided.
“Chartered accountants are on the front line in the fight against economic crime, and stand ready to support the implementation of these reforms.”