Anti-money laundering

Professional Standards are responsible for providing members with guidance on all aspects of anti-money laundering compliance.

The CIOT, in common with many of the tax and accounting professional bodies acting as supervisory authorities, has adopted the Consultative Committee of Accountancy Bodies (CCAB) Anti-Money Laundering guidance as the main guidance for our members. In addition, the Anti-Money Laundering Guidance for the Tax Sector is an appendix to the CCAB anti-money laundering guidance. This appendix is not standalone guidance and should be read in conjunction with the main CCAB guidance. 

It was developed in conjunction with CIOT, ICAEW, ACCA, CIMA and HMRC and focuses on the interaction between anti money laundering 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. This means that the Courts must consider the content of the Guidance when determining whether an accountant’s or tax practitioner’s conduct gives rise to an offence under either the Proceeds of Crime Act 2002, 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

Also, our Anti-Money Laundering Newsletters keep you updated on anti-money laundering developments and give helpful hints on dealing with anti-money laundering in your day-to-day business.

For information on the above and on our anti-money laundering registration scheme, please click here.