Money Laundering

Key featured items

• CCAB money laundering guidance

  Details of the treasury approved guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services, such as trust and company services, by way of business, on compliance with the law from 15th December 2007 is provided here. In addition links to the previous drafts of the CCAB guidance during the consultation and approval process and the supplementary for tax practitioners are provided here.

• Non-executive directors, trustees, interim managers and sub-contractors

  Non-executive directors, trustees, interim managers and others acting in similar roles may be affected by the Money Laundering Regulations 2007. HMRC have issued a revised guidance note (MLR9) which clarifies the scope of the regulations for such individuals and firms.

• Supervision of firms under the Money Laundering Regulations 2007

  The 2007 regulations require firms providing a variety of services, including accounting, trust or company services, to have a supervising authority. The scope of the regulations and whether registration is required is detailed here.

Further Items

• Summary of key points in the Regulations 2007

  Do the Money Laundering Regulations 2007 mean everything changes? Don’t panic or be led into panic by others. The Regulations did not mean great change for those firms who were already acting in accordance with the second interim guidance issued by the CCAB. However there were some changes of which you should be aware.

• Summary of changes since the second interim guidance

  A technical release summarising changes to requirements for firms between the second interim guidance and Tech 07/07. Covering everything from the privilege reporting exemption and overseas offence to client identification and risk based monitoring under the Money Laundering Regulations 2007.

• Ongoing monitoring - practical implications for existing clients

  Do the requirements to carry out ongoing monitoring of customer due diligence measures and client’s business relationships mean that you must obtain a passport and utility bill from your existing clients or that you must investigate all the business affairs of your clients?

• Money Laundering - electronic client identification resources

• SARs - Top tips for effective reporting

  The Serious Organised Crime Agency (SOCA) have expressed their appreciation for the Suspicious Activity Reports (SARs) that accountants provide. By 'mining' the database of SARs and investigating similarities, trends and patterns, Law Enforcement have been able to uncover and prosecute organised criminal activity.

• Making SARs safely - preserving confidentiality for yourself and your clients

  The Serious and Organised Crime Agency (SOCA) takes the need to protect the confidentiality of reporters very seriously. To guard against inadvertent or erroneous disclosure of a SAR, appropriate reporting procedures can also be adopted by the accountancy practice making the report. Read these tips for making SARs safely.

Key Documents

• Background and representations

• TECH 07/06 The confidentiality of money laundering suspicious activity reports (SARs) in the United Kingdom

  Analysing the situation in England and Wales on the reporting of money laundering and terrorist financing, in relation to prevention of the disclosure of the identity of reporters to suspects or their representatives (PDF 81kb/8 pages) issued 2006.

• Second interim guidance on money laundering (effective February 2003-15 December 2007)

  The former guidance on compliance with the Money Laundering Regulations 2003 and the money laundering provisions of the Proceeds of Crime Act 2002, for all accountants. Replaced by Anti Money Laundering Guidance for the Accountancy Sector issued by CCAB

• Privileged circumstances

  Technical release issued in February 2006 providing guidance on the exemption from reporting knowledge or suspicion of money laundering formed in privileged circumstances

• Reforms to the AML reporting requirements

  The Proceeds Of Crime Act 2002 (POCA) As Amended By The Serious Organised Crime And Police Act 2005 (The Act)

• Money Laundering - A tax Practice Supplement from the Tax Faculty TAXline Tax Practice no 4, September 2003.

  A supplement to TECH 15/03, providing guidance for tax practitioners. This should be read in the light of the recent changes including the additional guidance for tax practitioners (appended to the CCAB issued guidance for the accountancy sector) and which has been submitted to HM Treasury for approval.

Money laundering: Guides and Publications

Guidance

• Money laundering helpline

Research

• Anti-Money Laundering Requirements: Costs, Benefits and Perceptions

Other publications and links

• Money laundering alert archive
• Joint Money Laundering Steering Group
• Serious Organised Crime Agency
• HM Treasury Money Laundering section
• International requirements for accountants - a presentation
• Proceeds of Crime Act and Suspicious Activity Reports - a Trevor Hicks speech (PDF 25kb/8 pages)
• Money Laundering links
• Reading list
• Contact us