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.

The legal and accountancy sector are working with HM Government to support the Flag It Up campaign, a joint initiative that aims to raise awareness about the warning signs of money laundering.

ICAEW has identified a list of circumstances where there might be a high risk of money laundering or terrorist financing. This list includes circumstances agreed by the accountancy professional body supervisors and identified by the National Risk Assessment.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) require firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing.

This supplementary guidance has been developed by the Chartered Institute of Taxation, the Association of Taxation Technicians, the Association of Chartered Certified Accountants, the Institute of Chartered Accountants in England and Wales, the Chartered Institute of Management Accountants and HMRC for professionals providing tax services.

A Foreign Affairs Select Committee report criticised the delay of registers of beneficial ownership in overseas territories

Looking at fraud in the private education sector.

This guidance gives an introduction to crypto-assets for accountants, and how members may encounter clients with these assets. The guidance then outlines the Money Laundering risks that could be associated with clients who hold crypto-assets, and the issues that members will need to consider in their risk assessments.

The FCA published guidance on how firms should apply the definitions of a PEP in MLR17 in the UK.

The FCA has shared a number of useful resources on how the financial services industry can use new technologies to support AML compliance, particularly in the area of client due diligence (CDD).

Based on their experience reviewing over 2,000 firms each year, the QAD offers advice on best practice in terms of managing risk.

The UK Financial Intelligence Unit (UKFIU) has published new Glossary codes and reporting routes.

In recent years money laundering has become of increasing concern to the accountancy profession.

Guidance for those providing tax services in the United Kingdom, on the prevention of money laundering and the countering of terrorist financing.

Technical helpsheet issued to help members recognise when they should complete a SAR.

Technical helpsheet issued to help new ICAEW practitioners to comply with Anti-Money Laundering (AML) legislation and guidance.

Issue 14 of our Anti-Money Laundering update includes a new electronic due diligence helpsheet and reports and resources from the Government, HM Treasury and the Law Commission.

This issue of our Anti-Money Laundering update includes new crypto-asset guidance, new helpsheets and highlights the Government’s consultation on corporate transparency and register reform.

This issue of AML – the essentials covers new Suspicious Activity Reporting resources, the legal status of cannabis and the Government’s new economic crime task force.

In recent years money laundering has become of increasing concern to the accountancy profession.

HMRC states that money service business Touma Foreign Exchange breached anti-money laundering regulations

Review of certain law firms’ compliance with Money Laundering, Terrorist Financing and Transfer of Funds Regulations

HMRC’s latest guidance on self-reporting criminal facilitation of tax evasion affects accountancy firms as well as companies, but only applies to those that have been given relevant authority, reports Julia Penny.

This page explains which firms must be supervised to make sure that they comply with anti-money laundering legislation.

ICAEW is able to supervise members of Global Accounting Alliance (GAA) bodies for the purpose of anti-money laundering (AML) compliance through its Practice Assurance programme.

If you come across an accountancy firm or trust and company service provider, that is supervised by ICAEW and appears to be ignoring the regulations, you can report it confidentiality to us.

If your firm is not already part of the PA scheme, you can apply to us for AML supervision.

A response dated 5 August 2019 to a consultation published by BEIS on 5 May 2019.

A response dated 10 April 2019 to a consultation published by FCA on 14 March 2019.

A response dated 18 March 2019 to a consultation published by the Joint Select Committee on 1 March 2019.