AIA has responded to a consultation on Corporate Transparency and Register Reform (Powers of the Registrar), on behalf of its membership and in the wider public interest, calling for reforms that work to improve transparency and strengthen the fight against fraud and money laundering.
Accountants are key gatekeepers for the financial system, facilitating vital transactions that underpin the economy. As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose. AIA’s population in practice are primarily involved in the preparation of accounts and company filing for small and medium-sized enterprises.
Legal arrangements and company structures play a legitimate role in global commerce; however, their status encourages the creation of complex corporate schemes designed to conceal ownership which can facilitate money laundering.
As an approved professional body supervisor under the UK Money Laundering Regulations AIA works in the public interest to tackle economic crime and supports the work of the Economic Crime Plan to work together and reform the incorporation of companies within the United Kingdom, recognising that individuals offering Trust and Company Services are at a high risk of being exploited by criminal elements. This approach forms part of the plan to mitigate the risk of corporate structures being used to launder the proceeds of corruption and organised crime.
AIA looks forward to continuing to work with Companies House to strengthen corporate transparency in the UK and ensure these significant reforms can be introduced with an effective and efficient process.
Accountants are key gatekeepers for the financial system, facilitating vital transactions that underpin the economy. As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose.
