May 8 2017
In its efforts to crack down on money laundering, earlier this year, HM Treasury published the draft Money Laundering Regulations 2017 (MLR 2017) following a consultation period, and invited further comment on whether the draft regulations met the government’s policy aims.
The Accountancy Affinity Group (AAG) published its response to the consultation last week, noting that certain aspects of MLR 2017 in fact go beyond the requirements of the MDL4, specifically relating to criminality testing, audit function and supervision. While wholly supportive of the initiative, the AAG also expressed concern over the lack of detail on the cost and financing of OPBAS as well as the fact that OPBAS does not include supervision of individuals who are not members of the professional bodies. AAG contended that this would lead to glaring inconstancies in how the accountancy sector was supervised and the standards to which it was being held.