The Money Laundering Regulations 2007 come into force on 15 December 2007. They implement the Third Money Laundering Directive. The new Regulations should not mean substantial change for those firms already acting in accordance with the current CCAB anti-money laundering guidance. However, it it is worth noting that there will be increased monitoring of firms. The Regulations also shift the focus to a risk based approach, in which practitioners will be required to use their discretion rather than simply tick boxes. The application of the rules is likely to create added risk for practitioners. However, the CCAB has produced an Exposure Draft Guidance for the Accountancy Sector. Industry comments were expected by 12 November 2007.
The Guidance is intended to be a comprehensive text to practitioners, with the need for minimal cross referencing. The CCAB hopes to obtain H M Treasury approval of the guidance. This should mean that it will be accepted as describing best practice and will provide a yardstick with which to measure accountants’ conduct in the event of court proceedings arising from the Money Laundering legislation.