ICAEW: professional scepticism is key to mitigating money laundering in UAE

ICAEW: professional scepticism is key to mitigating money laundering in UAE

ICAEW (the Institute of Chartered Accountants in England and Wales) and the UAE’s Accountants & Auditors Association (AAA) have called for chartered accountants to exercise greater professional scepticism in the fight against money laundering.

As the UAE seeks to strengthen the integrity of its financial system, the two organisations, in partnership with the UAE Ministry of Economy, co-hosted a virtual panel discussion on 7th November to guide organisations on their anti-money laundering compliance obligations. The panellists included:

- Muhammad Shafi Poyilan, Senior Specialist, AML Supervision & Control at the UAE Ministry of Economy.

- Shama Kothari, Senior Specialist, AML Supervision & Control at the UAE Ministry of Economy.

- Duncan Wiggetts, Chief Officer, Professional Standards ICAEW

- Michelle Giddings, Head of AML, ICAEW

- Mark Billington, ICAEW Managing Director, International

According to the expert panel, the UAE’s position as an international trade and finance hub has made it more vulnerable to illicit financial crime. Overcoming this threat requires the public and private sectors to remain vigilant in reporting any suspicious business activity. The Ministry of Economy urged professional accountants and auditors to uphold their responsibility to act in the public interest and be the first line of defence in identifying and responding to financial crime by putting