Guidance
AML

 
CCAB Money Laundering Guidance 

Guidance for those providing audit, accountancy, tax advisory, insolvency or related services in the United Kingdom, on the prevention of money laundering and the countering of terrorist financing.  Issued by the Consultative Committee of Accountancy Bodies, in December 2007.

 

The Guidance has been issued to provide the accountancy sector with not only an interpretation of the requirements of the Money Laundering Regulations 2007 (which become effective from 15th December 2007) and primary legislation relating to money laundering and terrorist financing but also to provide practical guidance on good practice for matters not prescribed in law.

The Guidance has been completely refreshed and expanded, from previous versions of the CCAB Guidance, drawing not only on changes in law but the experience of practitioners. For more complex areas of customer due diligence, our Guidance continues to be cross referred to the guidance notes issued by the Joint Money Laundering Steering Group. However, it is intended that, at least for most smaller practitioners, the Guidance will be self contained and the need to refer to additional external material will be minimal.

Certain aspects of the law are still subject to change at the time of issuing this Guidance, particularly in the areas of the expected prescribed form and manner of reporting. We have included advice on compliance with the law as it is expected to be on 15th December, to assist firms in their preparation, training and implementation. Inevitably, there may be some future changes. However, we suggest that it is appropriate for firms to continue implementation on the basis of this Guidance, and we will endeavour to bring any changes to the attention of practising accountants and related professionals as soon as possible. 

To aid easy access, use is made of defined terms explained in a glossary and each section is prefaced with key points for quick reference.

Additional guidance for tax practitioners, developed by the Chartered Institute of Taxation, the Association of Chartered Certified Accountants, the Association of Taxation Technicians, the Chartered Institute of Management Accountants, HMRC and the Institute of Chartered Accountants in England and Wales, will be issued for consultation shortly and will be available from the ICAEW, CIOT and CCAB websites.

HM Treasury approval of the guidance will be sought (approval will also be sought separately for the additional guidance for tax practitioners in due course). This will mean, if granted, that the Courts must consider the content of the guidance when determining whether an accountant's conduct gives rise to an offence under either the Proceeds of Crime Act 2002 or the Money Laundering Regulations 2007.

 

Downloads

CCAB Money Laundering Guidance Revised - Size: 682Kb Download
Ben LuxfordBen Luxford
Head of Technical
020 7566 4218
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