New York regulators fine Deloitte $10m

20.06.2013

New York Department of Financial Services fined company Deloitte for $10m. and banned for year from it`s practices in New York. Such sanctions connected with consult services, which Deloitte presented to Standard Chartered bank.

The company Deloitte accused for it`s illegal actions, during it`s work with the British Standard Chartered Bank in the fight against money laundering. Last year this bank was fined by the U.S. authorities for 667 $m. dollars for breaking rules against money laundering. Company Deloitte was the consultant of this bank with the requirements of anti-money laundering.

Guilt of Deloitte may be explained due to the fact, that it`s consultants who review and helps banks in regulation process, may be involved in a conflict of interest because they are hired and paid from the same banks whose work they controls.

We should remind you, that Deloitte is one of the four largest international accounting and consulting firms that provides services in audit, consulting, corporate finance, risk management and advisory services on taxation and law.

On the base of:

http://www.independent.co.uk/

Expert’s opinion

Deloitte is one of the four largest international accounting and consulting firms that provides services in audit, consulting, corporate finance, risk management and advisory services on taxation and law. AS we know, this is not the first time, when companies from the Big Four are accused in tax evasion. However, if you need to prepare audit for banks, or to accompany a major deal or access to the IPO, you should invite, as a rule, well-known consulting companies from the Big Four.

It's an unwritten rule that, as we have repeatedly observed, as usual not justified.

Well, we can only wish to all of the consulting companies to work honestly, and to banks and majority of large companies, to hire more qualified lawyers, which would participate in trials.

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)