New privelege rules effective from 21 February 2006

The Proceeds of Crime Act 2002 and Money Laundering Regulations 2003 (Amendment) Order 2006 came into effect on 21 February 2006 . The Order gives equal treatment, as regards obligations to report money laundering, to external accountants, auditors and tax advisers where they provide services directly comparable to those provided by professional legal advisers.

Further Details

Prior to this amendment, a qualified accountant, carrying out the same service as a lawyer, and carrying it out in privileged circumstances, would have to report a suspicion to the Serious Organised Crime Agency (SOCA), but a lawyer would not.

The Order can be found on the site of the Office of Public Sector Information .

Guidance on the implementation of these changes will be available shortly.