25/07/2007
TREASURY AWARDS THE INSTITUTE SUPERVISORY BODY STATUS
HM Treasury has appointed the Institute of Certified Bookkeepers as a Supervisory Body under the Money Laundering Regulations 2007.
Under the latest extension to the legislation, bookkeeping is listed as a regulated profession, which means that bookkeepers must be supervised to ensure that they remain compliant. Where people are not members of a Treasury appointed supervisory body they will be regulated directly by HMRC.
Institute chief executive, Garry Carter, heralded the appointment as a major day in the history of the Institute. "This is a fantastic achievement of which every single member should be very proud. The reputation and standing of the Institute within the profession has never been higher and it is all down to the hard work and professionalism of the members.
"I would like also to thank the Institute’s head of professional standards, Professor Mark Watson Gandy, who assisted in the presentation to the Treasury but who has also ensured through regular updating of the Professional Conduct Regulations that the Institute’s regulatory systems are robust and transparent.
"The Institute has worked closely with the Financial Crime Team at the Treasury over several years to assist in the development of the legislation and we are delighted in the huge trust that has now been placed in the Institute".
The Institute later this year will introduce an education and supervisory programme for members in practice but will also open the programme to all members, particularly those who work for companies in which they are the only person to hold a financial qualification. The programme will cover a broad range of topics, including Money Laundering, the Proceeds of Crime Act and other crime related areas about which members need to be aware. Bookkeepers are on the front line in the fight against financial crime and it is vitally important that members know how to identify irregularities and know how to act if they are detected.
The Institute joins an elite group of professional bodies granted the right under the new legislation to supervise their members. Other bodies listed under the legislation include the Institute of Chartered Accountants of England and Wales (ICAEW) and Association of Chartered Certified Accountants (ACCA).
