The ATT and CIOT strongly support the UK’s drive to combat money laundering and terrorist financing. We recognise that AML supervisory activity is a key element in the fight against financial crime.
The National Risk Assessment (NRA) advises that the risk of money laundering through tax advisers (and accountancy service providers more generally) remains high. These services remain attractive to criminals due to the ability to use them to gain legitimacy and risks are at their highest when firms do not fully understand AML risks and do not implement appropriate risk based controls. Firms can therefore be exposed to AML risks unwittingly or through negligence.
The ATT and CIOT work together in providing AML supervision to their members who are in practice and have published their Annual Anti-Money Laundering (AML) Supervision Report for 2023-24 here. This report sets out the supervisory actions taken by both bodies during the period 6 April 2023 to 5 April 2024.
Previous year reports can be found below.
AML Supervision Report 2022/2023