APB offers money laundering advice

Link: The Debate – Reporting money laundering

The guidance has been put forward for approval by the Treasury before it is published in final form but the interim details have been released so that auditors have the most up-to-date advice from the APB during the early stages of implementing the new legislation.

‘The new anti-money laundering legislation will have a major impact on auditors,’ said Richard Fleck, chairman of the APB. ‘Although the scope of the audit has not changed it is likely that the expanded definition of money laundering will cause auditors to report a large number of suspicions.’

Related reading