Find out more about UK law and guidance.
In May 2018 the EU Council approved the 5th Anti-Money Laundering Directive, which has now been published. We expect this will be transposed into UK legislation in early 2020. Key points and highlights of the directive can be found here.
The National Crime Agency’s National Strategic Assessment 2017 indicates that previous figures of £36 billion to £90 billion for all money laundering impacting on the UK could be a significant underestimation. Money laundering is also an enabler of serious and organised crime, which as well as costing the UK an estimated £24 billion a year, perpetuates wider social harms that damage communities and people’s lives. That’s why the legal and accountancy sectors are working with HM Government to support the ‘Flag It Up’ campaign. This joint initiative aims to raise awareness of the warning signs of money laundering, as well as the correct due diligence processes, and ultimately to help professionals to protect themselves and their firms.
You can now visit and link to the new campaign page, which covers the rationale of the campaign, guidance, and links to existing campaign content.
The Government has published regulations transposing the 4th Anti Money Laundering Directive into UK law.
ICAEW has designed a checklist to help you assess your compliance with the Money Laundering Regulations 2017.
HMT has published the 2017 update of the UK National Risk Assessment of Money Laundering and Terrorist Financing (NRA). The first version was published in 2015 and is available here.
Firms are required to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing.
MLR17 requires ICAEW to make available any information relevant to the firm’s own firm-wide risk assessment. We have identified a list of circumstances where there might be a high risk of money laundering or terrorist financing.
This has an impact on the SARs regime, asset recovery and introduces the corporate offence of failure to prevent tax evasion.
This is the authoritative guidance, by which accountants and their firms may be judged, ultimately by disciplinary tribunals and the courts of law.