The ML regulations 2007 were laid before Parliament 25 July, for the accountancy service sector the question was always going to be monitoring, who is in and who is out?. here is your answer, this is extracted straight from the regulations and list the professional bodies who will monitor their members.
1. Association of Chartered Certified Accountants
2. Council for Licensed Conveyancers
3. Faculty of Advocates
4. General Council of the Bar
5. General Council of the Bar of Northern Ireland
6. Institute of Chartered Accountants in England and Wales
7. Institute of Chartered Accountants in Ireland
8. Institute of Chartered Accountants of Scotland
9. Law Society
10. Law Society of Scotland
11. Law Society of Northern Ireland
12. Association of Accounting Technicians
13. Association of International Accountants
14. Association of Taxation Technicians
15. Chartered Institute of Management Accountants
16. Chartered Institute of Public Finance and Accountancy
17. Chartered Institute of Taxation
18. Faculty Office of the Archbishop of Canterbury
19. Insolvency Practitioners Association
20. Institute of Certified Bookkeepers
21. Institute of Financial Accountants
The two part list is interesting. All those in part one can be relied on for 3rd party reliance for CDD, those in part 2 cannot. Once again even in monitoring we have a two tier accountancy market. It seems strange that an organisation can be deemed competant to monitor its members but its members are not competant enough to be relied upon to fulfil the CDD to a level that others may rely upon it!
If you where wondering like we were what the H*** the Archbishop of Canterbury has to do with accountancy, the answer is nothing. The faculty office since they took the duties off the Pope in 1533 has been responsible for the regulations of eccumenical notories who are also under the ML Regulations.
Do not forget everybody else has HM Customs as their monitoring body.
Good Luck one and all!
Business Tax Centre Limited