The Chartered Institution of Taxation (CIOT) has announced its intention to adopt the Consultative Committee of Accountancy Bodies (CCAB) Anti-Money Laundering guidance as the main guidance for its members, following the entry into force of new money laundering regulations in the UK at the weekend.
The CIOT is seeking to adopt the CCAB guidance in common with many of the tax and accounting professional bodies acting as supervisory authorities.
Currently, the CCAB is seeking Treasury approval for the guidance. If approved, the courts must take into account the content of the guidance when determining whether a tax practitioner has committed an offence under the Proceeds of Crime Act 2002 or the Money Laundering Regulations 2007.
Members and firms which are registered with the CIOT as supervisory authorities should follow this guidance, according to the Institute, while members who are supervised by another supervisory authority will need to take account of the guidance issued by that authority.
Members who are lawyers (even if they are acting as tax advisers) should consult the guidance issued by the professional body governing their legal qualification, it concluded.
HM Revenue & Customs earlier this month advised businesses to be ready for the new Money Laundering Regulations (MLRs) coming into effect on 15 December 2007.
These require many types of business to register or re-register with HMRC including Money Service Businesses, Trust or Company Service Providers, High Value Dealers and Accountancy Service Providers.
HMRC's Business Director of Money Laundering Regulations, Melissa Tatton, has stated that:
"Businesses that are affected by the money laundering regulations will need to have the right processes in place so they can hit the ground running. From 15 December, businesses that have to take action under the Money Laundering Regulations need to put anti-money laundering controls in place."
The new regulations also require that if such a business is not already supervised by the Financial Services Authority, or a professional body listed in the regulations has not agreed to supervise all relevant activities, they will need to register with HM Revenue & Customs (HMRC).
In addition, any person who runs or owns the business, and any nominated officer or money laundering reporting officer, will need to apply for a new fit and proper test designed to make it more difficult for criminals to get access to this sector.
The Money Laundering Regulations 2007 require Trust and Company Service Providers (TCSPs), which have not previously to put in place anti-money laundering controls to do so from 15th December 2007.
The full text of the CCAB Anti-Money Laundering Guidance for the Accountancy Sector can be found in the Tax News Resources section.
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