Port-Louis, Mauritius (PANA) – Amid growing cases of white-collar crimes in the world, there is the need to prosecute those who commit such crimes, which feed into more serious crimes, according to the World President of the Association of Chartered Certified Accountants (ACCA) Anthony Harbinson.
Mr. Harbinson said, on the sidelines of the 3rd African Congress of Accountants in St Louis, Mauritius, Thursday that stealing money and selling counterfeit goods feed terrorism, organized crime, prostitution, as well as human and drug trafficking.
”People talk about white-collar crime as being victimless, nobody gets hurt. But stealing money and selling counterfeit goods feed terrorism, organized crime, prostitution, human trafficking, drugs, and all those criminal enterprises,” he said.
Mr. Harbinson said there is no difference between a so-called white-collar crime and somebody who robs and murders on the street.
He also warned against the growing cases of cyber crime, calling it a global threat.
”Somebody can be in Africa and steal money in London or be in London and steal money in Singapore,” said the ACCA World President.
He identified good governance as is of the measures that can prevent such crimes.
Speaking on the role of accountants in preventing such crimes, he said adherence to ethics was first on the list of what to do.
Harbinson said questions should be raised as to how companies make abnormal returns.
”How is it that a company is making 35, 45, 55% of profits in a year as compared to its competitors? We have to know the reasons. Maybe it has a niche product and a niche market. If they don’t have these, they should wonder why and how the money was being generated,” he said.
