New Delhi, April 13, 2017

The CA Institute on Thursday promised to give utmost priority to its disciplinary proceedings against chartered accountants allegedly involved in money laundering through dubious and suspicious companies.

Responding to the Enforcement Directorate’s raids on offices of certain CAs in the Capital on Thursday, the CA Institute said that its disciplinary directorate is “already seized of the matter” and disciplinary proceedings have been initiated against such chartered accountants.

“We will complete the disciplinary proceedings against such chartered accountants (allegedly involved in money laundering through suspicious companies) at the earliest within the set legal framework,” Nilesh Vikamsey, President, CA Institute, told BusinessLine.

The Enforcement Directorate on Thursday conducted raids in certain CA firms (in Karol Bagh and Model Town areas) which were accused of providing a legitimate cover to shell companies for laundering black money.

“The ICAI would like to inform that the matter will be dealt seriously to look into all violations in these cases as per the Code of Conduct of the institute and necessary action will be taken in accordance with the laws of the land,” the CA Institute said in a statement on Thursday.
Continuing action

It may be recalled that the Government had some time back handed out to the CA Institute a list of 34 names alleged to have aided money laundering through shell companies.

Of the 34, the CA Institute had sent show-cause notices to 26 chartered accountants, five were found not to be CAs and no specific information were available on three names.

Today’s raids by the Enforcement Directorate are being seen as continuation of the ongoing action against use of shell companies for money laundering.

[The Hindu Business Line]