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EY, once again a big four failing to be independent

EY has been reportedly linked to a money maundering operation as the firm failed to report operations related to a major crime organisation and thereafter altered a compliance report.

The Audit firm denies any wrongdoing while 27 member of the gang have been jailed.

The gang was laundering the profits of drug trafficking via a Kaloti company in Dubai, converting cash into gold, to after selling it back.

Billions of dollars (5.2) in 2012 only, were laundered using this scheme and according to the reports EY was aiding to complete the laundering.

The scheme included importing gold bars disguised as silver to prevent controls over import of gold limits.

Th lead Auditor Amjad Rihan stated having escalated the suspicion to his bosses, to after seen the reports diluted into no action.

Apparently EY rewrote the compliance reports using language to dissimulate the findings.

Source

https://www.bbc.com/news/uk-50194681

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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