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IMPLICATIONS OF THE 1MDB SCANDAL

The 1Malaysia Development Berhad Scandal serves to highlight the risks faced by professional services with regards to corruption. According to Guy Underwood, Managing Director for PKF Forensic and Risk Services, with most professional services firms, which include consulting companies, audit firms and law firms now being engaged by clients from around the world, are receiving fees or retainers from their clients that may potentially be the proceeds of fraud, organized crime, corruption or some other form of illegal behavior. Therefore, it’s important to implement robust Know Your Client program that should always be risk-based. It should also be ongoing in order to identify any changes in circumstances of the client that may impact their professional adviser.

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Posted Under: Australia, International

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