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CCAB releases draft updated money laundering guidance

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  • Publish date: 22 August 2017
  • Archived on: 22 August 2018

The CCAB has released a draft of its update on money laundering guidance.

 A copy of the draft can be found here.

The guidance clarifies a long standing concern that reporting certain matters to the Charity Commission could constitute the offence of “tipping off”. This could lead to the under reporting of certain matters as there is a lack of specific guidance on this point. The focus on this issue has intensified after the Commission updated its list of matters of material significance, in which it expects reports from charity trustees, auditors and independent examiners.

The Commission has maintained that such reporting would not constitute a tipping off offence, but to date there has been nothing specifically in the CCAB text regarding this.

Section 6.4.21 of revised guidance now contains the following text.

“A tipping off offence is not committed under POCA s333A if the person did not know or suspect that they were likely to prejudice any subsequent investigation. Situations in which this defence can apply include:

- reporting to one’s own professional body if it is an anti-money laundering supervisor (s333D);

- reporting a matter of material significance to the UK charity regulators: Charities Commission for England and Wales, Office of the Scottish Charity Regulator and Charity Commission for Northern Ireland.”

The guidance will come into force following Treasury approval later this year. In the meantime, any comments regarding the draft can be sent to admin@ccab.org.uk.