Protecting against money laundering

The Treasury is concerned that accountancy services appeal to money launderers because they can lend them legitimacy create corporate structures or transfer value. In its second national risk assessment (NRA) of money laundering and terrorist financing in the UK the department says some accountants may be risking involvement in money laundering. The NRA goes so far as to say: ‘Some of those accountants involved in money laundering cases are assessed to be complicit or wilfully blind to money laundering risks though the majority of these cases are likely to involve criminal exploitation of negligent or unwitting professionals.’

Quite how accurate the Treasury’s claims are is debatable. It is hard to believe that there are many accountants who are prepared either to assist those seeking to launder the proceeds of crime or to ‘turn a blind eye’ to laundering. As for such advisers being negligent or unwitting ...