Page 22 - AGM Report 2024

ANNUALREPORT 2023|24

Decoding UAE Laws on Code of Ethics, Professional Conduct & AML
for Auditors and Accountants - 30 April 2023
th

ICAI Dubai Chapter organized an event Our speaker CA Sanjiv K Chaudhary, Sakina Dickenwala, Associate Partner
on the topic of Decoding UAE Laws on Partner and Leader – Strategic of Legal Services at the MBG Corporate
Code of Ethics, Professional Conduct & Accounts, BDO India LLP and a Services, said, “Money laundering is
AML for auditors and accountants on distinguished IESBA Member, said, a financial crime in which the source
the 30.04.23 at Hyatt Regency Dubai “Ethics comes naturally to us. But of illegally acquired money or goods
Creek Heights, Dubai. we still need some codes for formal is hidden from law enforcement and
All accounting and auditing practice and other legal requirements. financial regulators by generating the
professionals in the UAE will have “Code of Ethics also evolves with appearance of legitimacy for the illicit
to maintain the highest level of time as we discover new way of doing gains. Money laundering happens in
compliance as per the new Code of business and with the development of almost every country in the world,
Ethics announced by the International new products, processes and systems. and a single scheme typically involves
Ethics Standards Board of Accountants So, we need to update the Code of transferring money through several
that is going to be implemented in the Ethics, such as the development of the countries in order to obscure its
UAE by December 31, 2023, senior Cryptocurrency adds a new dimension origins. For example, tax evasion,
officials and accounting experts said at to the Code of Ethics. “Besides, bribery, fraud, illegal arms sales,
a conference organised by the Dubai the expectations of the people have smuggling and other activities. “The
Chapter of the Institute of Chartered changed. Often, we have to ask first step in money laundering is its aim
Accountants of India. The conference ourselves, even if it is legally correct, is to push dirty money into clean financial
was participated by more than 400 it ethically correct?” systems through a series of numerous
active members of the ICAI Dubai He says the responsibility of accounting transactions that are small enough to
Chapter. International Ethics Standards professionals are vast and wide and avoid scrutiny.”
Board of Accountants (IESBA), a global they have to report anything that might
authority on ethics and best practices, be beyond their official scope of work – CA Dheeraj Ranasaria, Managing
keeps updating the international Code even non-financial aspect of business. Partner of Mac and Ross Chartered
of Ethics for accounting and auditing The Code of Ethics conference also Accountants, who has recently
professionals. Abu Dhabi Accountability shed lights on Anti-Money Laundering obtained the UAE Auditors Practicing
Authority has recently announced that – a major source of financial crime that Certificate, explained the detailed
it has approved the IESBA Code of the chartered accountants have to deal procedures of how to obtain the
Ethics. with often. certificate that allows them to certify
professional audit reports – that
will become crucial once the UAE
Corporate Tax Law comes into effect in
June this year.

22 www.icaidubai.org