Living CFE – June to December 2024

CFE Tax Advisers Europe held its 17th European Conference on Tax Advisers’ Professional Affairs in Ljubljana, Slovenia on Thursday 19 September 2024, co-hosted together with the Tax Advisory Chambers of the Republic of Slovenia and the Republic of Serbia. The conference addressed two critical policy trends: the future of tax planning and role of professional standards in safeguarding the tax profession with the advance of AI; and, the new EU rules on anti-money laundering and terrorist financing, and their impact for tax professionals, accountants, auditors.

The first panel of experts explored the transformative potential of Artificial Intelligence (AI) in the tax advisory field. The panel featured Alec Oveis (Director, Blue J Legal, United States), Jeremy Choi (Partner, PwC, Hong Kong), and Grant Wardell-Johnson (Global Tax Policy Leader, KPMG International) as speakers. The discussion was moderated by Piergiorgio Valente (Chair of the CFE Tax Technology Committee).

The discussion covered AI’s current applications, such as automating tax research, optimising tax planning, and streamlining compliance. Tools like Ask Blue J exemplify AI’s ability to quickly process extensive legal documents, saving professionals considerable time. Additionally, AI’s analytical prowess aids in navigating complex multinational tax regulations and identifying savings opportunities. However, the panel also emphasised challenges, including technical issues like AI’s tendency to generate inaccurate or opaque results, practical limitations tied to outdated data, and ethical concerns about privacy and decision-making standards.

The panelists highlighted AI’s potential to reshape tax advisory firms and public tax authorities alike. AI could reduce entry-level roles in firms by automating routine tasks, raising concerns about talent development and mentorship. At the same time, it enables innovative business models, such as offering on-demand tax advice through AI tools. Regional disparities in AI adoption were also discussed, with firms in high-cost regions integrating AI faster for efficiency gains. Looking ahead, the experts stressed the importance of maintaining human oversight and ethical standards, advocating for collaborative “Co-Intelligence” models. They called for robust regulatory frameworks to ensure AI’s responsible use while preserving the irreplaceable value of human expertise in interpreting complex tax scenarios.

The second panel at the CFE 17th European Conference on Tax Advisors Professional Affairs focused on the EU’s Anti-Money Laundering (AML) Package, which seeks to harmonise regulations across Member States and establish the Anti-Money Laundering Authority (AMLA) by 2027. The panel featured Aleksandra Vasilić (Europe West FinCrime Leader & Risk Management, EY, The Netherlands), Rolf Declerck (President, Commission on Quality Performance Review, Belgian Institute of Tax Advisers and Accountants, Belgium), and Jane Mellor (Head of Professional Standards, Chartered Institute of Taxation, United Kingdom) as speakers. The discussion was moderated by Philippe Vanclooster (Chair of the CFE Professional Affairs Committee).

The panelists discussed the challenges these regulations pose, particularly for smaller firms, and the need for proactive compliance measures. They emphasised the importance of education and collaboration to address under-reporting of suspicious activities and called for AMLA to adopt guidelines that consider the unique roles of tax advisors and accountants alongside those of financial institutions.

The panel also highlighted the integration of AI into AML practices, advocating for human oversight to complement technological tools. Proportionality in regulations was stressed, with suggestions for balancing compliance costs for smaller firms while maintaining effective oversight. Recommendations included enhancing data-sharing collaborations, adopting clear guidelines for managing complex structures, and leveraging AML regulations to improve professional integrity. The discussion concluded by urging firms to prepare strategically and work within networks to align practices ahead of the AMLA’s implementation, fostering robust compliance and sector-wide cooperation.

The CFE Executive Board and CFE Brussels Office were delighted to hold the 2024 Professional Affairs Conference, General Assembly and Technical Committee meetings in Ljubljana in September. The next CFE General Assembly and the 2025 Forum have been scheduled for 27-28 March 2025 in Brussels.

MEETINGS & EVENTS