ACCA head: CFOs combating financial crimes among top priorities

Chief Financial Officers (CFOs) have an increasing role to play in managing risks and combating financial crimes, Brenda Lee Hang, head of the Association of Chartered Certified Accountants (ACCA), Caribbean, said yesterday.

“Our most recent report showed the role of the CFO is changing, with CFOs surveyed for a report saying that cost reduction, financial control and the emerging responsibility of forecasting are among the top three priorities for today’s finance leaders and that the areas such as achieving sustainable growth in competitive markets, ensuring investment decisions are robust, and a company’s board is guided well to manage risk as well as dealing with regulation and increased scrutiny are just some of the trends shaping the future role of the CFO in the future,” she said.

Lee Hang was speaking yesterday at a seminar entitled Tackling Money Laundering hosted by ACCA and the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) at the Hilton Trinidad and Conference Centre, St Ann’s.

Lee Tang said January was declared CFO Month by the ACCA. She added that T&T is one of many countries with an increasingly alert population demanding more and more of their regulatory systems with regards to accountability and prevention of money laundering and other financial crimes.

“The accounting profession is one of the main categories of business to be subject to requirements under the Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) compliance regime and accountants are themselves seen as one of the main gatekeepers of any national effort to tackle serious crime,” she said.

John Davies, head of Technical, ACCA, who also spoke at the seminar, said accountants are increasingly being called upon to report on financial crimes. “Over the years accountants, as well as those in other professions, have been called upon by the international authorities to make sure that they watch out for  signs of money laundering…and when they do come across such signs they will be called upon to report this to the authorities. 

“Accountants, just like banks and lawyers, are being called upon to report to the authorities about financial laundering.” Also making presentations at the seminar were Anthony Pierre, ICATT executive council, and Glenda Leben, supervisor of Compliance, Financial Intelligence Unit.