Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK businesses face money laundering threat under Treasury shake-up

by September 19, 2023
September 19, 2023
UK businesses face money laundering threat under Treasury shake-up

UK businesses could be exposed to greater risks of money laundering under new proposals being put forward by the UK government, warns the Association of Accounting Technicians (AAT).

Plans being considered in a new consultation issued by HM Treasury include using a single private company to police anti-money laundering (AML) rules for accountants and lawyers who work with businesses to protect them against financial crime.

Currently, accountants follow strict laws on money laundering. Their compliance with these regulations is checked and overseen by specialist professional body supervisors, ensuring businesses are protected from economic crime. The National Crime Agency estimates that the amount of money laundered in the UK could be between £36 billion and £90 billion.

The relatively unknown consultation is considering proposals to consolidate AML supervision to just one body, potentially a single private company, to oversee all of the accountancy profession. AAT has warned that this could cause enormous disruption, expose businesses to money laundering risk, and weaken AML oversight across the country.

Adam Harper, Director of Professional Standards and Policy at AAT, warned: “AAT members and other accountants have to meet strict anti-money laundering regulations to ensure their clients are not at risk. Some of the government’s new proposals, including plans to create a private body to police money laundering rules for all professional services, could potentially open the floodgates to organised criminals seeking to launder money in the UK.

“The current system, whilst not perfect, ensures that each profession meets anti-money laundering rules which are tailored to their specific professions. Dramatically shifting to a new model, as set out in some of the Treasury’s plans, could lose that specialist know-how and weaken the anti-money laundering system that is in place.

“We are urging the Treasury to strengthen the current system rather than attempt to dismantle and rebuild the whole AML regime, which brings with it major risks for the UK’s small and medium sized businesses, who make up the backbone of UK plc.”

Read more:
UK businesses face money laundering threat under Treasury shake-up

0
FacebookTwitterGoogle +Pinterest
previous post
Holding the line: The King of Soho’s stand against duty increase
next post
Introducing Centers of Progress: 40 Cities That Changed the World

You may also like

Getting to Know You: Warren Mead, CEO of...

August 1, 2024

Apple overtakes Samsung as world’s biggest phonemaker

January 19, 2024

Edtech platform Zick Learn secures £430k funding to...

August 3, 2023

Recession fears rise as services contract, purchasing managers’...

December 6, 2022

Dame Julia Hoggett and Insiya Jafferjee named winners...

May 1, 2025

Major corporations return to CBI as lobby group...

August 26, 2024

Why Cloud Services Are Vital for Business Agility...

July 30, 2023

Eton College to raise fees by 20% after...

August 31, 2024

UK car production soars as industry warns of...

October 26, 2023

£150M rollout of Government boiler upgrade scheme branded...

April 14, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Case v. Montana Brief: Limit Loopholes to the Fourth Amendment

      August 7, 2025
    • Trump opens $9tn US retirement market to crypto in landmark executive order

      August 7, 2025
    • What Should We Learn from China’s Nuclear Construction Costs?

      August 7, 2025
    • Closing the Primary Care Gap

      August 7, 2025
    • Veteran Biden insider Anita Dunn appears in House Oversight autopen probe

      August 7, 2025
    • NDAs banning harassment and discrimination disclosures to be void under new UK workplace reforms

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,182)
    • Politics (16,331)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved