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.
Regulation of trust and company service providers
HMRC has announced a delay in the implementation of registration requirements for Trust and Company Service Providers (TCSPs) until 31 May 2008, and is recommending that those who have not yet registered consider delaying until updated Guidance on the need to register is available. A notice to this effect can be found on the HMRC website. The announcement follows concerns expressed over the appropriatenes of extending the scope of regulation to non-executive directors (NEDs) acting through Personal Service Companies within the scope of requirements on TCSPs, when NEDs acting in a 'personal capacity' are not, even if their actual functions (and ML risks) are the same.
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.