Anti-money laundering guidance approved

Date: 26th August 2008

The Chartered Institute of Taxation (Ciot) has reported that the Treasury has approved anti-money laundering guidance for the tax and accountancy firms.

According to the Ciot, the new Consultative Committee of Accountancy Bodies CCAB Anti-Money Laundering Guidance is now considered 'relevant guidance' within the meaning of the Money Laundering Regulations 2007.

The new rules must be respected by businesses and individuals when "acting in the course of business as auditors, external accountants, insolvency practitioners and tax advisers".

What's more, failure to follow the new rules could have serious "legal, regulatory or professional disciplinary consequences".

Helen Burgess, deputy head of membership and branches at the Ciot, added: "Courts must consider relevant guidance when determining whether the conduct of a tax adviser or an accountant gives rise to certain offences under either the Proceeds of Crime Act 2002 or the Money Laundering Regulations 2007.

"It is this guidance which practitioners should consider as authoritative when implementing and complying with anti-money laundering requirements."

Recently, another accountant was fined by the Information Commissioner's Officer (ICO) for failing to correctly apply rules set out under the Data Protection Act to his clients.