Costa Rica Cracks Down on Financial Crime with Accountancy Profession Leading the Charge

In a major push against corruption and economic crime, Costa Rica’s Certified Public Accounts Association (CCPA) has endorsed the International Federation of Accountants’ (IFAC) Action Plan for Fighting Corruption and Economic Crime. Launched in September 2022, the plan aims to combat money laundering, bribery, tax evasion, and other financial crimes through five pillars:

• Education and Professional Development: Providing accountants with the necessary skills and knowledge to identify and prevent financial crime.
• Support for International Standards: Ensuring that Costa Rican accountants adhere to global standards and best practices in combating corruption.
• Prevention and Control Policies: Developing policies based on evidence contained in high-quality information to prevent and detect financial crimes.
• Engagement and Partnership with the Profession: Working collaboratively with the profession at a global level to combat financial crime.
• Accountant’s Voice Heard: Ensuring that accountants’ viewpoints and voice are heard in policy-making decisions.

CCPA Takes Concrete Steps

The CCPA has taken concrete steps towards combating corruption by:

• Updating Code of Ethics: Effective December 21, 2022, the updated code obliges certified public accountants (CPAs) to abide by authorities’ breaches of specific regulations.
• Expanding CPA Role: The move expands the CPA’s role in ensuring transparency and reliability, contributing to efforts to combat corruption.

Cooperation and Awareness

To further combat corruption, the CCPA has:

• Presented Integral Reform: Incorporating updates on CPAs’ activities and duties and addressing corruption, money laundering, and unlawful acts.
• Signed Cooperation Agreement: The association signed a cooperation agreement with the Foundation for the Study of Money Laundering and Crime (FELADE) to raise awareness about these changes.
• Worked Jointly: CCPA worked jointly with the Costa Rican Drug Institute (ICD) and Public Ethics Procuracy to raise awareness about these changes.

Media Coverage

The move has been widely covered by Costa Rican media outlets, highlighting the accountancy profession’s commitment to fighting financial crime.

Additional Resources

For more information on this topic, check out the following news links:

• https://www.facebook.com/watch?v=538130371618820
• https://www.larepublica.net/noticia/contadores-anuncian-lucha-sin-tregua-contra-el-lavado-del-dinero?fbclid=IwAR1nyxiDVP3YM-4P0zaAaM6IeJ1YUE_38hZ1dg_A5oTl20_sA6MTLsm67TY
• https://rumboeconomico.net/negocios/colegio-de-contadores-publicos-acoge-politicas-internacionales-anticorrupcion/
• https://www.facebook.com/CCPACR/videos/1916143848721558

Conclusion

The CCPA Board believes that IFAC’s Action Plan provides an excellent framework for the profession to contribute to the fight against corruption. However, success can only be achieved through collaboration with government corporations, political leaders, and active participation from both the public and private sectors.

Education and Training

Education and training also play a vital role in combating corruption, as better professionals will avoid credibility and reputation risks. The CCPA is committed to maintaining permanent training programs for its members.

“As accountants, we are responsible for excellence in our profession,” said a representative of the CCPA. “By doing our job well, we show our passion, love for the discipline, and respect for those who receive our reports.”