CCAB launches anti-money laundering guidance
Long-awaited industry guidance has been issued on how to report money laundering, as the countdown begins to the introduction of new rules that mean accountants who fail to do so could face jail.
Link: Money laundering rules see fresh changes
The Consultative Committee of Accountancy Bodies (CCAB) said its guidance aimed to help accountants avoid unwittingly committing offences that can carry a jail term of up to 14 years.
From 1 March, this will become a possibility under the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003.
The CCAB said that after discussions with government, several changes had been made to its initial interim guidance of May 2003.
These included dual reporting systems, with abbreviated reports for matters of lesser intelligence value and the assertion that speculation and higher than normal risk factors do not, in themselves, lead to a need to report.
An electronic version of the Guidance can be found on the CCAB website at www.ccab.org.uk