Serious and organised crime undermines economies, threatens the prosperity of businesses and the safety of communities, often targeting the most vulnerable citizens. It is a fundamental threat to the country’s future security, resilience and prosperity, estimated to cost the UK economy £37 billion per year.
Money laundering is a key component of such crime and underpins a significant amount of criminal activity. Without the ability to convert the proceeds of illegal activity into clean money and introduce it into the wider legitimate economy, much crime would of course be pointless. The scale of the threat is becoming ever more complex, as criminals seek to co-opt professionals, including accountants, in money laundering schemes and adapt to countermeasures.
This report covers the monitoring and supervision of UK-based CIMA Members in Practice who are not supervised by other bodies for AML purposes. It covers the reporting period April 2019 to April 2020. It describes CIMA’s work to help members prevent and report money laundering in line with our obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Money Laundering Regulations or MLRs).