The Association of Chartered Certified Accountants (ACCA) on Monday warned that from December 2007, all UK accountants offering advice to the public will need to be supervised by an approved regulatory body – or risk breaking the law.
The Money Laundering Regulations 2007 will insist that practicing accountants - and many other types of professional adviser - be monitored to ensure that they are complying with their responsibilities under anti-money laundering regulations.
All the leading accountancy bodies, such as ACCA, will supervise their own members under delegated powers from the Government. But others who act as practicing accountants will need to apply to be supervised by HM Revenue & Customs (HMRC), and will have to pay a fee in order to do so.
However, the ACCA suggested this week that the new extension of regulation may bring benefits for the consumer.
John Davies, ACCA’s Head of Business Law, explained that:
“The regulations mean that the public should have an added layer of certainty about the quality of the accountant they are using – both for personal finance issues or for their business needs.”
He added:
“If accountants don’t register, they will be committing a criminal offence. The advice for consumers is to make sure they know which supervisory body is looking after their accountant. It is important when choosing an accountant to ask about their professional training, their qualifications and also who regulates them. Asking these questions is very much in your own consumer interests.”
Mr Davies concluded:
“If you are putting not only your company's affairs but your own in the hands of a new accountant, make sure that it is an accountant who is qualified and competent to handle your affairs properly.”
The new anti-money laundering measures, proposed by the government earlier this year, implement the Third European Money Laundering Directive. They have caused consternation amongst the UK's finance industry, with the trust and private equity sectors in particular arguing that ambiguity over provisions increasing client due diligence could damage business.
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