ICAEW Publishes Money Laundering Guidance For The Tax Sector

by Robin Pilgrim, LawAndTax-News.com, London

22 August 2008

The Institute of Chartered Accountants in England and Wales (ICAEW) announced last week that updated anti-money laundering guidance has been published for those providing tax services in the UK.

This tax sector guidance is intended to be read as an appendix to the recently-updated CCAB anti-money laundering guidance, the Institute explained.

The tax guidance focuses on the interaction between anti-money laundering compliance and tax offences, and covers the issues that a tax practitioner is most likely to encounter in practice. It reflects the changes made to anti-money laundering legislation in the 3rd EU Money Laundering Directive which came into effect in the UK on 15th December 2007.

The ICAEW went on to add that: "Treasury approval to the CCAB guidance has been granted and is being sought for the tax sector guidance."

"Treasury approval means that the Courts must consider the content of the guidance when determining whether a person’s conduct gives rise to an offence under either the Proceeds of Crime Act 2002 or the Money Laundering Regulations 2007."

"The tax sector guidance has been developed jointly with other professional bodies whose members are involved in tax and with HMRC."

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