HMRC Anti-money laundering supervisory regime call for further information

ACCA response to HMRC's call for further comment on anti-money laundering supervisory regime.

ACCA welcomes the opportunity to respond to this call for further information. We consider this call for information to be crucial to the future reputation of the UK, which must be seen to have a robust AML infrastructure. A central feature of the current AML landscape in the UK is the diversity of organisations supervised under the regime, and even the diversity of accountancy practices supervised by members of the Accountants Affinity Group (AAG) of the Anti-Money Laundering Supervisors Forum (AMLSF).

It is widely agreed that it has taken too long for HM Treasury to publish this call for further information, leaving interested parties only a brief period in which to gather opinion and construct considered responses. Nevertheless, the expertise and experience of our members, in-house technical experts and members of ACCA’s Global Forums for Taxation, Business Law and Ethics has allowed ACCA to provide informed opinion on a range of areas, including how the current proposals would affect a supervisor of many small and medium-sized accountancy practices (SMPs).  

The detailed comments can be found in the document below.