The Institute of Chartered Accountants of Nigeria( ICAN) has taken a significant step towards combatting fiscal fraud by forging hookups with crucial stakeholders. During a retreat of the institute’s governing council in Lagos, Innocent Okwuosa, the 59th chairman of ICAN, expressed the institute’s commitment to unite with the Special Control Unit Against plutocrat Laundering( SCUML) and other applicable realities to exclude corruption in the country.
The retreat saw the presence of representatives from SCUML, the Nigerian Financial Intelligence Unit( NFIU), the Financial Reporting Council of Nigeria( FRC), and the big four account enterprises. It aimed to review the institute’s processes to strengthen its advocacy and allowed leadership in public development and other pivotal enterprise.
One of the main points addressed by Okwuosa was the challenge of direct registration with SCUML, which often forces stakeholders to seek registration through consultants. He appealed to SCUML to review its operational processes to make direct registration more accessible. Additionally, Okwuosa pledged that ICAN would leverage the template received from SCUML to implement market entry control checks on licensed firms, further enhancing compliance measures.
Daniel Isei, representing SCUML as its director, emphasized ICAN’s responsibility as a global standard-setter and self-regulatory body. He stressed the importance of preventing criminals or their associates from obtaining professional accreditation or holding significant roles in accounting firms. To achieve this, he urged ICAN to collaborate with law enforcement agencies and conduct thorough background checks on intending licensees.
Shuaibu Adamu Ahmed, the executive secretary at FRC, praised ICAN for its instrumental role in the establishment of the Financial Reporting Council. He emphasized the significance of maintaining a cordial relationship with relevant stakeholders in the accountancy profession for its growth and development.
Chinedum Odenyi, head of sanctions at NFIU, highlighted the vulnerability of Designated Non-Financial Businesses and Professions (DNFBPs) to money laundering and terrorism financing. Odenyi called for increased interaction with ICAN to bolster compliance with relevant Anti Money Laundering/Combating the Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) laws and guidelines. He emphasized the importance of implementing effective systems to identify and mitigate ML/TF risks, as well as filing Suspicious Transaction Reports (STRs) to the NFIU for a stronger response to financial crime.
Furthermore, Odenyi stressed the significance of these measures in Nigeria’s hunt to exit the Financial Action Task Force( FATF) slate list, signifying the country’s commitment to combatting fiscal crimes effectively.
Uyi Akpata, the immediate once country mate at PwC, reiterated the establishment’s commitment to partnering with ICAN to promote high account norms, enhance the capability of accountants, and discourage the proliferation of counting bodies. Admitting the profession’s vital part in public development, he emphasized the need to strengthen its influence in driving positive change.
In conclusion, ICAN’s collaboration with SCUML, NFIU, FRC, and account enterprises is a promising step towards diving fiscal fraud and corruption in Nigeria. By uniting with crucial stakeholders and enforcing robust compliance measures, the accountancy profession can contribute significantly to the nation’s development and foster a safer fiscal geography.
Sir Luminovs 