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'Abu-Ghazaleh Global' and IASCA Launch the Anti-Money Laundering and Terrorism Financing Guidelines

06-Apr-2023 | Source : AG-IP-News Agency | Visits : 1885
'Abu-Ghazaleh Global' and IASCA Launch the Anti-Money Laundering and Terrorism Financing Guidelines

Special to AG-IP-News Agency 

AMMAN - The International Arab Society of Certified Accountants (IASCA) announced the issuance of the Anti-Money Laundering and Terrorism Financing (AML & CTF) Guidelines in cooperation with Talal Abu-Ghazaleh Global (TAG.Global).

The guidelines aim t guide those concerned with the application of the (AML & CTF) legislations in the Arab region such as accountants, auditors, tax and credit consultants, and those who provide corporate services.  

 “We, at TAG.Global and IASCA, have exerted the utmost efforts to prepare these guidelines, the first of its kind, to help accountants comply with the obligations imposed on them by the laws and legislations of AML & CTF in the Arab countries,” said HE Dr. Talal Abu-Ghazaleh, adding that the courts should refer to the local laws and legislations along with the international regulations to decide whether an entity, subject to these laws, has committed such crimes. 

The references included in these guidelines follow the broad outline of the FATF guidance for a Risk-Based Approach for the accounting profession, and they fulfill the requirements of the FATF 40 recommendations on accountancy obligations regarding AML/CFT compliance requirements. They also adopt the most recent and advanced guidelines applied in developed countries.

“These guidelines are the latest and the most advanced guidelines applied in the developed countries. They include all the concepts and procedures that the professional accountants should be aware of in order of being able to combat money laundering and terrorism financing. The guidelines aim at ensuring that accountants will not use the services they provide in supporting criminal activities; instead, they will employ the services they provide in facilitating the vital transactions that support the economies and preserve the wealth of nations,” Said Mr. Salem Al-Oury, the CEO of IASCA.

These guidelines set out the accountant’s responsibilities in combating money laundering, starting from developing and maintaining a risk assessment framework, till reaching a final decision regarding how to handle high-risk clients suspected for money laundering. 


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