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A7.125 Money laundering—HMRC guidance for accountancy service providers

On 22 February 2021, HMRC published an update to the Accountancy sector guidance for money laundering supervision (the Guidance). The Guidance was first published on 26 August 2008; however, it has now been amended by the Consultative Committee of Accountancy Bodies to reflect the law and regulations as of 26 June 2017.

The Guidance has been prepared by HMRC to help accountants, tax advisers and insolvency practitioners comply with their obligations under UK legislation to prevent, recognise and report money laundering, including compliance with legislation related to counter terrorist financing and professional requirements. It illustrates the mandatory, 'must', provisions and those which 'should' be adopted as a matter of best-practise.

The Guidance is designed particularly for:

1. Ìý

   •ÌýÌýÌýÌý A trust or company service provider

2. Ìý

   •ÌýÌýÌýÌý An auditor

3. Ìý

   •ÌýÌýÌýÌý An external accountant

4. Ìý

   •ÌýÌýÌýÌý An insolvency practitioner

5. Ìý

   •ÌýÌýÌýÌý A tax adviser

These are collectively known as 'defined services' within the Guidance.

Because