We welcome the opportunity to contribute to the government’s review of the UK’s AML/CTF regulatory and supervisory regime. Our response to this call for evidence has been informed by input obtained from our supervised population and discussions with other accountancy PBSs.
ACCA fully supports the development of an effective UK AML regime that provides confidence in the UK as a safe, transparent and compliant jurisdiction to conduct business in. We believe that a robust and effective framework to tackle economic crime will help improve and facilitate further commercial activity for businesses in the UK.
The call for evidence focusses on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017. ACCA recognises that these regulations form an important component of the UK’s overall AML/CTF regime. However, we believe the government should not consider these two areas in isolation. We would support a holistic and co-ordinated review of all the relevant economic crime legislation that underpins the UK’s economic crime framework in the UK (such as Terrorism Act 2000; Proceeds of Crime Act 2002; Serious Organised Crime and Police Act 2005; Bribery Act 2010; Crime and Courts Act 2013; Serious Crime Act 2015; and Criminal Finance Act 2017), as the creation of a clear and co-ordinated single legislative instrument would aid the fight against economic crime.
To read the full response, please download the consultation response document.