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Money laundering
This section is an information resource on money laundering for ACCA members in the UK. These pages contain links to relevant legislation, include comment and analysis from ACCA, together with further resources such as technical guidance, events and training.
Regulators have for some time been striving to involve accountants in the fight against money laundering. The events of September 2001, together with world-wide efforts to clamp down on the financing of terrorism, have increased governmental concerns in this area. Within the EU, the Second Money Laundering Directive has extended substantially the scope of the law.
Both the UK and the Republic of Ireland have now enacted new legislation which impose expanded responsibilities on accountants, tax advisers and insolvency practitioners, among others.
ACCA UK's Technical Advisory Service is able to provide guidance to UK members on money laundering issues. The money laundering (tipping off) requirements will additionally apply to any advice sought.
FATF report on money laundering in the football sector
FATF has published a report which looks into the possible links between money laundering and professional sports, particularly football. The report addresses the potential which this sector offers for the laundering funds through the sale and purchase of clubs, transfers and sponsorship. The document has no regulatory status but may prove helpful to practising accountants whose business activities bring them into contact with this sector.
The guidance can be accessed here - FATF report on money laundering in the football sector 
HMRC guidance on supervision of accountancy service providers and trust and company service providers
HMRC has issued a revised version of its guidance on the above. It sets out HMRC's policy with regard to the circumstances in which these two categories of business will be expected to apply for registration with it under the Money Laundering Regulations 2007.
As ACCA members will be aware, practising ACCA firms will be supervised automatically for money laundering compliance purposes, and no application process is required. Supervision by ACCA will cover the firm in respect of accountancy services as well as any trust and company services that they may provide. The guidance may be useful though in the context of advising clients as to their obligations to register with HMRC.
The guidance can be accessed here - MLR9 Registration Notice
The risk-based approach: new guidance for accountants
Under the recommendations issued by the Financial Action Task Force (FATF), accountants (and other persons who are subject to anti-money laundering responsibilities) are urged to adopt a 'risk-based approach' to the exercise of these responsibilities. This approach, which has now been enshrined in law in the UK and other countries, applies in particular to the carrying out of client due diligence and on-going monitoring of the business relationship with individual clients. FATF has now issued additional guidance which aims to assist accountants in assessing the particular risk factors which are likely to impact on them and in developing a risk strategy.
The guidance can be found here - RBA Guidance for accountants
New money laundering guidance for accountants
The Consultative Committee of Accountancy Bodies has issued revised guidance on accountant's responsibilities on money laundering. This reflects the new statutory regulations on money laundering which came into effect in the UK on 15 December 2007.
View the revised guidance 