The Anti-Money Laundering Guidance for the Tax Sector is an appendix to the Consultative Committee of Accountancy Bodies' (CCAB) Anti-Money Laundering guidance and is not stand-alone guidance.
It was developed in conjunction with ATT, ICAEW, ACCA, CIMA and HMRC and focuses on the interaction between Anti-Money Laundering (AML) compliance and tax offences as well as covering the issues that a tax practitioner is most likely to encounter in practice. HM Treasury has approved this guidance and therefore Courts must consider the content of the Guidance when determining whether an accountant’s or tax adviser’s conduct gives rise to an offence under either the Proceeds of Crime Act 2002, the Terrorism Act 2000 or the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as Money Laundering Regulations (MLR) 2017. Members and firms which are registered with the CIOT as supervisory authorities should follow this guidance. Members who are supervised by another supervisory authority will need to take account of the guidance issued by that authority. Members who are lawyers (even if they are acting as tax advisers) should consult the guidance issued by the professional body governing their legal qualification.
If you are self-employed and not covered by the AML supervision of another professional body, you are obliged to join the CIOT's AML Registration Scheme.
Draft CCAB guidance 2017 - will be sent to HM Treasury for approval later this year but in the meantime it is a helpful resource.