Leaders in the Isle of Man’s business community have been briefed on the latest developments in the fight against cybercrime and money laundering by experts from Grant Thornton.
David Sowden, a Director in Grant Thornton’s Forensic Investigation Services team, delivered the training seminar “Money Laundering in Action - Case Studies from the Front Line” to members of the Association of Corporate Service Providers alongside Grant Summers, a Partner in the Grant Thornton Tax Investigation Team.
David said: ‘The presentation outlined a number of cases in which I have been involved. The discussions which followed explored further the roles of directors and staff within the fiduciary sector and the risks they face.
‘The case studies looked at a number of instances where directors and staff at corporate service providers had been actively involved in criminal conduct and had been subsequently investigated and prosecuted. The seminar also considered how corporate service providers should react to the regulators and in particular the tax authorities.’
Grant explained to the ACSP audience how the Isle of Man Tax Facility operated and the advantages it provided to individuals to regularise their tax position with HMRC in the UK.
At the Institute of Chartered Secretaries and Administrators’ Corporate Governance Conference “Upholding ethical values in a competitive environment”, ways to reduce exposure to online crime were explained by Grant Thornton Business Risk Services Senior Manager Matthew Parker.
During his presentation, Matthew spoke about managing the threat of cybercrime, outlining why online crime is successful and giving examples of numerous security incidents and hacking which had not only shaken client confidence, but had also registered with regulators as an area of concern.
He gave an overview of the types of cybercrime people and businesses can be exposed to, and an insight into how weaknesses in digital security can, and are, exploited by criminals. He concluded with advice on simple steps all businesses and individuals can take to minimise exposure to the risk of online crime.
Dennis McGurgan, Managing Director of Grant Thornton in the Isle of Man, said: ‘Exposure to the risk of cybercrime and the latest developments in anti-money laundering regulation and investigation are business-critical areas which we should all be up-to-date on.
‘I’m pleased members of both the ACSP and ICSA were able to benefit from the substantial experience of our Grant Thornton experts.’
Photo - David Sowden.