ARTICLE · 13 JULY 2005

Money Laundering For Accountants

Accounting Evidence Ltd

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The Money Laundering Regulations 2003 have been in force for nearly 18 months in the UK and the identification of new clients has become just another routine part of an accountant’s life. But the full impact of the requirements has not yet filtered through in many accountancy firms.

United KingdomAccounting and Audit

David Winch

The Money Laundering Regulations 2003 have been in force for nearly 18 months in the UK and the identification of new clients has become just another routine part of an accountant’s life. But the full impact of the requirements has not yet filtered through in many accountancy firms.

Because accountants, generally speaking, are not involved with their clients’ funds and transactions in the way that banks and solicitors are, accountants are not in the greatest danger of direct involvement in money laundering related to serious crime or terrorism.

But accountants do examine their clients’ business and financial affairs in great depth. Greater depth than bankers or other professional advisers. So what is reportable and what is not?

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