New anti-money laundering guidance published

News Article - 19 October 2007
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New guidance has been made available on anti-money laundering regulations.

Published by the Consultative Committee of Accountancy Bodies (CCAB) in both England and Ireland, the documentation aims to improve the accountancy profession's knowledge base.

In advance of the Money Laundering Regulations 2007 - which will come into effect on December 15th 2007 - the guidance deals with matters of primary legislation and offers good practice or topics not legally required.

"Money laundering is defined very widely and includes all forms of handling or possessing criminal property, including possessing the proceeds of one's own crime and facilitating any handling or possession of criminal property," the documentation stated.

However, the guidance is yet to win approval from the Treasury, but if this is granted the courts must take it under consideration when accountants are charged for offences relating to money laundering.

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