A7.125 Money laundering—HMRC guidance for accountancy service providers

Administration and compliance

A7.125 Money laundering—HMRC guidance for accountancy service providers

HMRC guidance on money laundering

A7.125 Money laundering—HMRC guidance for      accountancy service providers

On 22 February 2021, HMRC published an update to      the Accountancy sector guidance for money laundering supervision (the Guidance). The Guidance was first published on      26 August 2008; however, it has now been amended by the Consultative Committee      of Accountancy Bodies to reflect the law and regulations as of 26 June      2017.

The Guidance has been prepared by HMRC to help accountants, tax advisers      and insolvency practitioners comply with their obligations under UK legislation      to prevent, recognise and report money laundering, including compliance with      legislation related to counter terrorist financing and professional      requirements. It illustrates the mandatory, 'must', provisions and those which 'should' be adopted as a matter of      best-practise.

The Guidance is designed particularly for:


    •     A trust or company service provider


    •     An auditor


    •     An external accountant


    •     An insolvency practitioner


    •     A tax adviser

These are collectively known as 'defined      services' within the Guidance.

Because this guidance has been approved by HM Treasury, the UK courts      must take account of its contents when deciding whether a business subject to it      has committed an offence under the 2017 Regulations, or POCA 2002, ss      330–331.

In broad terms the Guidance highlights the following responsibilities for      businesses providing defined services:


    •     Implement anti-money laundering systems and controls that meet      the requirements of the UK anti-money laundering regime


    •     Ensure that relevant employees are kept

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial