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Money Laundering: UK Law and Guidance

Find out more about UK law and guidance.

Fifth Anti-Money Laundering Directive

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.

Flag It Up

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 Flag It Up campaign has also produced a video aimed at accountants to raise awareness of the threat of money laundering.

You can watch the 2018 Flag it Up AML webinar here.

Money laundering regulations 2017

The Government has published regulations transposing the 4th Anti Money Laundering Directive into UK law. 

AML compliance review checklist

ICAEW has designed a checklist to help you assess your compliance with the Money Laundering Regulations 2017.

National Risk assessment

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.

Firm-wide risk assessment methodology

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.

 Circumstances where there might be high risk of money laundering or 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.

New Criminal Finances Legislation

This has an impact on the SARs regime, asset recovery and introduces the corporate offence of failure to prevent tax evasion.

The CCAB Guidance

This is the authoritative guidance, by which accountants and their firms may be judged, ultimately by disciplinary tribunals and the courts of law.

CCAB has published its Economic Crime Manifesto and accompanying case studies.

Guidance on Reporting to NCA

HM Treasury

Other Current Guidance