The 2017 Regulations provide for a 'risk-based approach', including risk assessments to be conducted by:
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•ÌýÌýÌýÌý the Treasury and Home Office (a 'national risk assessment') (regulation 16)
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•ÌýÌýÌýÌý supervisory authorities (regulation 17), and
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•ÌýÌýÌýÌý relevant persons (regulation 18)
HMRC has published new Money laundering guidance1 to help accountancy service providers (ASP) recognise and reduce the risk of money laundering.
The guidance identifies the key areas that ASPs should consider as they carry out supervised business activities. HMRC expects ASPs to carefully assess and document the specific risks they face. They must establish policies, controls and procedures to address these risks and review them regularly to help prevent money laundering or terrorist financing.
National risk assessment
Under regulation 16, the Treasury and Home Office are required to prepare a national risk assessment. The 2017 national risk assessment was published on 26 October 2017 and stated that:
'The 2015 NRA highlighted fraud and tax offences as the largest known source of criminal proceeds from offending in the UK…The estimated tax gap for evasion
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Web page updated on 17 Mar 2025 13:26