Money Laundering and Proceeds of Crime

Money Laundering and Proceeds of Crime Conference
CIOT London Branch 10 February 2005
Speaker quoted:
Bill Telford BA FCA National Training Director at Baker Tilly
Reported by KEITH GORDON MA (Oxon) ACA CTA Barrister
More points from this conference will follow in a subsequent issue.

Scope of regulations

Bill Telford suggested that practitioners often forget the importance of the money laundering regulations in their day-to-day practice.  Whilst they usually comply with the client identification procedures there can be a tendency for practitioners to consider that money laundering applies only to organised crime.  Bill reminded delegates that reportable conduct includes tax evasion and that there is an ongoing requirement for practitioners to consider their clients' activities throughout the professional relationship. In addition Bill stressed the importance of looking out for changes in the identity of one's clients (for example ...