The accountant must uphold standards of the ACCA, that is; ๏
to adopt an ethical approach to work, employees and clients.
๏
acknowledge the professional duty to society as a whole.
๏
maintain an objective outlook.
๏
provide professional high standards of service, conduct and performance at all times.
The ACCA “Code of Ethics and Conduct” The ACCA “Code of Ethics and Conduct” sets out five fundamental principles which members
should adhere to meet these expectations, namely:
๏
Integrity
๏
Objectivity
๏
Professional competence and due care
๏
Confidentiality
๏
Professional behaviour
9. Money Laundering Regulations A person is engaged in money laundering where they:
๏
Conceal, disguise, convert, transfer, remove (from the UK) criminal property.
๏
Enter into/become concerned in an arrangement which they know or suspect facilitates the
acquisition, retention, use or control of criminal property.
๏
Acquire, use or have possession of criminal property.
Criminal property includes the proceeds of tax evasion.
A business within the regulated sector must appoint a money laundering reporting
o
ffi
cer (MLRO) within the firm. Suspicions of money laundering need to be reported
to the MLRO who then decides whether a report should be made to the National
Crime Agency (NCA).
A client should not be advised that a report has been made otherwise this would amount to the
o
ff
ence of tipping o
ff
.
Dishonest conduct of tax agents ๏
Civil penalty of up to £50,000.
๏
HMRC may publish details of the penalised tax agent in certain circumstances.
๏
HMRC may have rights of access to all working papers of a dishonest agent.
18
Only on
OpenTuition
you can find: Free ACCA notes
•
Free ACCA lectures
•
Free ACCA tests
•
Free ACCA tutor support
•
The largest ACCA community
