PrintMoney Laundering
HM Treasury to review of the Money Laundering Regulations 2007
HM Treasury has announced that it is conducting a review of the anti-money laundering regime under the 2007 Money Laundering Regulations.
The review is intended to capture views on how the regulations are designed as well as how they work in practice, in terms of how effective and proportionate they are and how much engagement there has been. The review will focus on the full scope of the 2007 Regulations (not simply changes made in 2007), on guidance, and on other communication and engagement with stakeholders. The review will also consider supervisory arrangements, industry practice and the customer experience under the regulations.
To take part in this review, please visit the HM Treasury website at http://www.hm-treasury.gov.uk/fin_crime_review.htm for more information.
(Posted 16 October 2009)
Payback event
SOCA will be holding its latest “Payback” conference for the regulated sector on 24 November 2009. The venue for the conference will be the Holiday Inn – Elstree.
This free event, organised by the Asset Working Recovery Group ‘Payback’ Team, and hosted by SOCA’s UK Financial Intelligence Unit (UKFIU) is aimed at small and medium sized businesses in London who are covered by the Money Laundering Regulations 2007.
If you are interested in attending, please download the following invitation for further details.
A further SARS online update from SOCA
CIPFA has received the following new message from SOCA:
“Following on yesterday's message in connection with IT problems in the processing of SARs Consent requests, we can now confirm that the problem has been resolved.”
A SARS online update from SOCA
CIPFA has received the following message from SOCA:
“We apologise for any inconvenience which may have been caused within the past 24 hours due to technical problems, currently being experienced, with the server through which Consent SARs are actioned. This fault is being investigated and we hope to resolve the matter as soon as possible. A further update will be sent out once the problem has been rectified. Thank you for your co-operation in this matter.”
Completing and submitting Suspicious Activity Reports (SARs) using SAR Online
SOCA have released the following guides to assist practitioners in using SAR Online when filing Suspicious Activity Reports.
Further assistance with SAR Online can also be found at http://www.soca.gov.uk/financialIntel/suspectActivity.html.
UK Border Agency to launch new ID cards
From 25 November 2008 the UK Border Agency is to introduce a new form of ID card for nationals of countries outside the European Economic Area who are granted leave to remain in the United Kingdom as either a student or on the basis of marriage or partnership. More immigration categories will switch to the new cards at a later date.The cards will become a key piece of identification documentation and the UK Border Agency has produced the attached briefing so that those presented with the new cards as a form of ID can familiarize themselves with them.
The Agency will also be supporting the implementation of the new cards with a card verification helpline on 0300 123 4699. If you call the helpline when presented with a card they will be able to tell you if the card is valid. Learn more.
HMRC Money Laundering Regulations
HM Revenue & Customs have published their updated MLR 9 Registration Notice following feedback from businesses and discussions with HM Treasury. Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) can check to see if they are required to register with HMRC. New registration dates have also been announced.
You can find out more at www.hmrc.gov.uk/mlr.
Anti Money Laundering Guidance
The Money Laundering Regulations 2007 came into effect on 15 December 2007.
The 6 CCAB bodies have produced detailed guidance for accountants which can now be downloaded at:
http://www.ccab.org.uk/PDFs/Guidance%20Clean.pdf
The Guidance is intended to be both practical and comprehensive, and contains a great deal of material that explains the range of offences that may be committed, and also provides detailed guidance on what to do if a money laundering situation is discovered or suspected.
Additionally, there is detailed practical guidance that applies to all accountants that is intended to avoid problems by means of regular procedures – proper record keeping, training and communication, and a risk-based approach to client and contract assessment and ongoing management.
Providing assurance on adequate anti money laundering procedures is an important element of the Institute’s Practice Assurance scheme, and members in practice will need to be familiar with the guidance, and to be able to demonstrate compliance.
Some less formal material on this subject has been made publicly available by the ICAEW, and a link to this is provided at http://www.icaew.com/index.cfm?route=108767.
Members should note that CCAB has asked HM Treasury for formal approval of the guidance. 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.
Home Office Issues Guidance Circular on Consent Regime