Commentary

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:

  1.  

    •     A trust or company service provider

  2.  

    •     An auditor

  3.  

    •     An external accountant

  4.  

    •     An insolvency practitioner

  5.  

    •     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:

  1.  

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

  2.  

    •     Ensure that relevant employees are kept aware of these systems and controls and are trained to apply them properly

  3.  

    •     Monitor and

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