The Institute of Chartered Accountants has published an interim guide to the requirements of the new Proceeds of Crime Act and Money Laundering Regulations which are due to come into effect later in the year.
One object of the new legislation is to widen the scope of the money laundering definition so that any persons possessing, assisting others or generally dealing in proceeds of crime are covered. As a result, accounting professionals will be required to report any suspicion of a criminal act or suspicion that an individual has benefited from the proceeds of crime to the National Criminal Intelligence Service (NCIS).
One of the principle changes brought about by the new law will be the requirement by accounting firms to appoint a Money Laundering Reporting Officer (MLRO) who will be the point of contact for colleagues to report their suspicions, and who will then liaise with the NCIS. Firms will also have to implement training procedures so that employees can recognise signs of money laundering, and also how to identify and verify new clients.
The law incorporates severe penalties including imprisonment if the rules are breached.
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