Money laundering regulations: what do the changes mean in practice?

Sophie Brookes, partner at Gateley plc, examines the changes in the money laundering regulations and how they affect the accounting profession from the extension of the definition of politically exposed persons (PEPs) to the domestic arena to the requirements for much more extensive risk reporting and appointment of a designated money laundering compliance principal (MLCP) at every firm

The UK has some of the most advanced anti-money laundering laws in the world. These laws encompass the various money laundering offences which can be committed by merely possessing property or the suspicion that property represents the proceeds of crime.

Money laundering laws are strictly applied and enforced, particularly in the regulated sector which includes financial institutions, accountants and most law firms. Firms affected by money laundering obligations are subject to extensive reporting requirements and can face criminal proceedings if these are not complied with.

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