The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003 place some important obligations upon professional advisers from a wide range of sectors, including Accountants. Such professionals who carry on relevant business are required to fulfil a range of obligations to prevent money laundering. In particular they are required to report their knowledge or suspicion of money laundering to the National Criminal Intelligence Service (NCIS). This covers the proceeds of all crime including all acts of tax evasion and fraud. Accountants, therefore, may need to submit a report about clients for whom they process payroll.

The Inland Revenue has introduced a new Proceeds of Crime Act and Money Laundering section to its website. In addition, the Inland Revenue's Anti Money Laundering strategy has been published, together with guidance in taxation cases under Part 6 of the Proceeds of Crime Act 2002.

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Sources:
www.inlandrevenue.gov.uk/specialist/moneylaundering.htm
www.inlandrevenue.gov.uk/specialist/antimoneylaunder-strat.pdf
www.inlandrevenue.gov.uk/specialist/ara-guidance_.pdf