Responding last Thursday to a written parliamentary question on the likely impact of the government's new money laundering regulations on confidentiality between accountants and their clients, financial secretary to the UK Treasury, Ruth Kelly announced that:
"I propose shortly to lay before the House the new Money Laundering Regulations, and amending orders to the Proceeds of Crime Act 2002 and Terrorism Act 2000. They will bring those providing accountancy services, along with other specified activities and professions, into the regulated sector for the purposes of the money laundering legislation."
Ms Kelly went on to explain that the Proceeds of Crime Act requires a professional who has "knowledge, suspicion or reasonable grounds for knowledge or suspicion of money laundering" to report their concerns to the designated department within their organisation, or to the National Criminal Intelligence Service (NCIS).
"This obligation to report relates to the proceeds of any crime - regardless of the sum of money involved and will override, in this case, the duty of confidentiality owed to that client," she announced.
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