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Accountants' responsibilities regarding money laundering extended as from December

27 Nov 2007

The Money Laundering Regulations 2007 come into effect in the UK on 15 December 2007. These regulations supersede the Money Laundering Regulations 2003, which are withdrawn. The new regulations implement the requirements of the EU's Third Money Laundering Directive: accordingly, similar changes are happening throughout the EU. Revised guidance for accountants is currently in the course of preparation by CCAB and will be issued in December.

The new provisions now being brought in are less far-reaching than were the 2003 Regulations, but they still contain some important changes of detail which practising accountants and all other regulated persons will need to bear in mind. In particular, there is an emphasis in the new Regulations on the adoption of a risk-based approach by regulated persons to the carrying out of their compliance obligations. This means that practitioners are expected to form a view on the level of risk presented by prospective clients and by particular situations and to determine, on the strength of this assessment, the extent of the compliance work they feel they need to carry out.

Further information on the new regulations can be found in the 'see also' section of this page.