related documents
Money laundering legislation
The Proceeds of Crime Act is a wide-ranging piece of legislation which addresses many individual aspects of the recovery of the proceeds of criminal activity.
The Money Laundering Regulations 2003 are linked to the Proceeds of Crime Act but were enacted separately. The Regulations incorporate into UK law the provisions of the EU's Second Money Laundering Directive, which extended the scope of the existing EU anti-money laundering regime beyond the financial services industry to a range of new professional and trade sectors: these included external accountants, tax advisers and legal practitioners.
Practising accountants who have been separately authorised to conduct investment business under financial services legislation will be familiar with the requirements of the new Regulations and will not face any major new problems. For those who have not had to comply with the statutory anti-money laundering regime until now, the Regulations will require some significant adaptations to their procedures.
- Part 7 of Proceeds of Crime Act 2002
- Money Laundering Regulations 2003
- The Proceeds of Crime Act 2002 (References to Financial Investigators) (Amendment) Order 2004
- The Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2003
- The Terrorism Act 2000 (Business in the Regulated Sector and Supervisory Authorities) Order 2003
Technical factsheets
ACCA has made a range of technical guidance on money laundering available to its members. See Money laundering publications.