UK law and guidance

Money Laundering Regulation 2007 (as amended)

Statutory Instrument No 2157 of 2007 introduced the Money Laundering Regulations 2007 (see Money Laundering page) in Great Britain and Northern Ireland. These Regulations have been amended by The Money Laundering (Amendment) Regulations 2012 (see Money Laundering page).

The regulations implement the 3rd Directive (2005/60/EC) (see Money Laundering page) on the prevention of money laundering and terrorist financing.

APB Practice Note

FSA information

CCAB

The CCAB, of which Chartered Accountants Ireland is a member, have issued the CCAB Money Laundering Guidance. The UK supervisory bodies have also issued Money Laundering: Supplementary Guidance for the Tax Practitioner which can be read as an appendix to the CCAB Money Laundering Guidance.

NCA/SOCA

The confidentiality of Suspicious Activity Reports to the Serious Organised Crime Agency (SOCA) is still a live issue. The Accountants Affinity Group within the Anti-Money Laundering Supervisors Forum has recently recommended that members be reminded of guidance available on this subject.

As part of this, ICAEW have kindly made available the technical release on the Confidentiality of SARs while the UK Financial Intelligence Unit (UKFIU) have recently updated its guidance on submitting a Suspicious Activity Report (SAR) within the regulated sector.

2015 Suspicious Activity Reports Annual Report

The UK Financial Intelligence Unit has published the 2015 Suspicious Activity Reports (SARs) Annual Report. This Report sets out the factual detail of activity during the year with the headline statistic being the continued increase in the number of SARs submitted.

Chartered Accountants Ireland

Information for Firms' Clients: The Institute has provided a pamphlet for firms to issue to their clients (see below).

HM Treasury

HM Treasury have released a guidance on the anti-money laundering and counter financing of terrorism policy in the UK.

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