RegulationCorporate GovernanceProfession questions money laundering rules

Profession questions money laundering rules

Institutes have conflicting opinions about monitoring of credentials for unqualified accountants

Conflicting messages have emerged from the institutes over their suitability
to monitor unqualified accountants under new money laundering proposals.

A consultation document issued this week by the Treasury, on implementation
of the third money laundering directive, revealed plans to leave the monitoring
of accountants to HM Revenue & Customs.

ICAS has claimed the institute would be in a better position to undertake the
work in Scotland than the taxman.

‘It would simply be redeploying a resource we already have,’ said Tom
McMorrow at ICAS.

However, Sha Ali Khan at ACCA said HMRC was the best place to monitor
unqualified practitioners due to their ‘already routine VAT inspections’ and
their business lists.

‘I would have thought it economic to bring together VAT monitoring and money
laundering monitoring as well,’ said Ali Khan.

He said the accounting bodies were capable of undertaking monitoring duties,
but said that the cost to the taxpayer would be much greater than using HMRC’s
resources.

The consultation runs until 10 October.

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