HMRC published the updated Anti-Money Laundering Guidance for the Accountancy Sector, which was firstly issued in August 2008. The latest amendment was from January 2018 and is based on the 2017 Anti-Money Laundering Draft Guidance.
The guidance is intended to be read by people providing audit, accountancy, tax advisory, insolvency, or trust and company services in the United Kingdom, being approved and adopted by the UK accountancy AML supervisory bodies. The term “accountancy services” is not defined, however, for the purposes of this guidance it includes any service which involves the recording, review, analysis, calculation or reporting of financial information which is provided under arrangements other than a contract of employment. It covers business carried on in the UK and certain cross-border business models where day-to-day management takes place from UK registered office or UK head office.
The term “money laundering” is defined as “all forms of using or possessing or facilitating the use/possession of criminal property (including money or money’s worth, securities, a reduction in a liability, and tangible or intangible property) regardless of how it was obtained”. The Guidance subsequently outlines the responsibilities for business and customer due diligence, risk based approach (RBA) and the risk for different parties, requirements to cope with suspicious activity reporting and record keeping. Lastly, it clarifies training and awareness issues for tax payers.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):