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DTI Minister Discusses Anti-Money Laundering Role For UK Accountants

by Jason Gorringe, Tax-News.com, London

20 December 2001


The Department of Trade and Industry Minister, Melanie Johnson, spoke in Parliament this week about the responsibilities of the UK accounting sector in the fight against money laundering practices and terrorist funding.

Responding to a question from Andrew Mitchell MP regarding the efficacy of regulatory amendments designed to ensure that accountants are obliged to report suspicious transactions and clients, Ms Johnson pointed out that the sector will be under close scrutiny from its own regulatory bodies, and additionally, will fall within the remit of both the UK Proceeds of Crime Bill (currently before Parliament), and the second European money laundering directive.

'At present not all accountants are regulated under the 1993 Money Laundering regulations,' she explained. 'However, under the second European money laundering directive, which is expected to be formally adopted after Christmas, accountants will be brought within the regulated sector.'


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