19 February 2004
The UK accounting bodies have issued revised guidance on the new UK money laundering legislation which comes into force on 1 March 2004. This replaces the guidance which was originally published in May 2003.
The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003 introduce significant new requirements for UK accountants as well as other specified industries such as estate agents in the fight against money laundering. These requirements include the need to appoint money laundering reporting officers, to undertake staff training and to report suspicious transactions.
Individuals or businesses involved in the provision of management consultancy services or interim management should be particularly alert to the possibility that they could be within the scope of the legislation because they may supply the service of forming, operating or managing companies, or provide accountancy services.
David Cafferty, Chairman of CIMA’s Fraud and Risk Management Working Party and CIMA's representative on the CCAB’s Money Laundering Working Party said, "This revised guidance will be useful to all those accountants in practice or working in the specific businesses defined in the regulations such as estate agents. However, CIMA also believes that all other accountants in business need to be aware of the money laundering legislation and understand how they are affected. To this end, CIMA is preparing specific guidance to address the needs of accountants in business and this will be available on the CIMA website shortly"
To read the revised guidance, visit CIMA's online business resources.
If you would like more information please contact Lottie Muir
Phone: +44 (0)20 8849 2407
Email: lottie.muir@cimaglobal.com
