Money laundering rules welcomed

News Article - 27 July 2007
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The Institute of Chartered Accountants in England and Wales (ICAEW) has welcomed improved regulation from HM Revenue & Customs (HMRC) in relation to the crime of money laundering.

According to the institute, the new rules have been enhanced to strengthen the enforcement of legislation by stipulating that all accountancy practices and firms which deliver related services must be monitored by HMRC or another professional body.

Companies which are members of the ICAEW are unlikely to have to change the way they operate, the institute states.

Felicity Banks, head of business law at the Institute, said: "Most professional accountants routinely take a risk based approach to their work, and these changes mean that a common sense approach will be in line with the letter of the law as well as professional requirements."

She added that smaller firms would probably find that a risk assessment would be sufficient.

Upon announcing the new regulations, economic secretary Kitty Ussher said that the rules would help to strengthen the country's defence against terrorist finance.

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