The Association of International Accountants (AIA) are working closely with UK Government to help raise the awareness of the ‘Flag It Up’ campaign aimed at accountants and other professionals in the finance, legal and property sectors.
The ‘Flag It Up’ campaign is designed to raise awareness of the warning signs of money laundering, as well as the correct due diligence processes to undertake, and ultimately to help professionals to protect themselves and their firms.
AML is one of the top priorities for the accountancy sector in 2019 as money laundering continues to pose one of the biggest threats to the industry. According to a recent poll* taken on behalf of the ‘Flag It Up’ campaign, 95% of accountants are concerned about the possibility of being unwittingly involved in money laundering and becoming a target for criminals to exploit. In addition, 23% of accountants polled said they had cause for concern towards a client or prospect at least once in the last year. Overall the poll reveals that respondents strongly believe in the importance of AML legislation and processes in order to prevent criminal activity.
Commenting on the campaign, AIA Director of Operations, David Potts said: “Even the most experienced accountants must remain vigilant when it comes to AML compliance and regulation. The ‘Flag It Up’ campaign is a great initiative to help accountants understand and reiterate where necessary the importance of identifying suspicious activity and to give them advice on what to do next.
“AIA would urge accountants, both AIA members and non-members, to look out for Red Flags throughout their work. If you are suspicious of any activities, then you have the responsibility to alert the National Crime Agency immediately via the suspicious activity report (SAR) process.”
The AIA, along with other accountancy organisations, will be using the hashtags #FlagItUp and #Suspiciousminds to help raise awareness for Anti-Money Laundering and the Flag It Up campaign.
If you would like more information on the Flag It Up campaign, or you need to know more about anti-money laundering then visit the official Flag It Up website https://flagitup.campaign.gov.uk/ or contact AIA directly.
*Poll undertaken by Coleman Parkes in January 2019 for the Flag It Up Campaign, in collaboration with partners. The research findings are based on responses from 100 accountancy professionals and 100 legal professionals in the UK.