Anti-Money Laundering Regulations

Due to come into effect on the 15the December 2007, the HM Treasury has awarded the International Association of Book-keepers supervisory status for its members in the new Anti-Money Laundering Regulations.

Draft Money Laundering Regulations 2007 have been issued to implement the Third Money Laundering Directive. The aim of the Regulations is to have the most appropriate and proportionate measures to deter, detect and disrupt money laundering and the financing of terrorism.

The Regulations apply to all practising accountants and, persons and firms providing ‘accountancy services.’ IAB has been listed in the regulations as an approved regulatory body able to supervise its own members; those offering accountancy related services and who are not members of those listed bodies must pay to be regulated by HM Revenue & Customs and those that do not will be breaking the law.

IAB Chief Executive, Malcolm Trotter said “As a professional body representing Book-Keepers the IAB see this as an important role for our members, and for business. The new regulations will be an added security to the public and offers a form of regulation to the profession’.

Further information on the draft Regulations can be found at, http://www.hm-treasury.gov.uk.

IAB has subsequently participated in the Anti-money Laundering Supervisors' Forum and is supporting the new guidance on Anti-Money Laundering proposed by the Consultative Committee of Accountancy Bodies (CCAB). The CCAB has published an exposure draft of the new guidance, which is intended to provide the accountancy profession with an interpretation of the requirements of the new regulations as well as primary legislation relating to money laundering and terrorist financing. It also provides practical guidance on good practice for matters not prescribed in law. IAB will be using these guideline to form our over riding guidance, these can be downloaded on the CCAB exposure draft below.

Approval of the guidance is currently being sought from HM Treasury and if granted, this will mean that the Courts must consider the content of the guidance when determining whether an accountant’s conduct gives rise to an offence under either the Proceeds of Crime Act 2002 or the Money Laundering Regulations 2007.

IAB is also providing further guidance to our members, you can download them below.

CCAB Exposure Draft of Anti-money Laundering Guidance for the Accountancy Sector.

GUIDANCE ON THE MONEY LAUNDERING REGULATIONS 2007.

Anti - Money Laundering - Supervision