As accountants feel the pressure over increased scrutiny of their AML reporting, the Treasury has tabled a new consultation that is set to overhaul anti-money laundering supervision as we know it.

The Treasury have put forward four new ideas that could potentially reform the supervision of accountants and lawyers' compliance with money laundering regulations.

The options ranged from bolstering the current supervisors of supervisors OPBAS to the more extreme option of stripping the professional bodies and HMRC of its supervision responsibilities and creating a brand new supervisor - the one supervisor to rule them all.

On this week's podcast, David Winch explores the four potential reforms and offers advice to accountants anxious of upcoming changes. 

Also on the pod, the AWEB team discuss ICAS' recent review of MTD for ITSA and its call to scrap the controversial project's decision  on quarterly reporting, as well as taking a closer look at AI and asking: is this new technology a friend or foe when it comes to tax? 

Podcast speakers:
Richard Hattersley
Tom Herbert
David Winch

Producer/editor:
Will Cole

Cinematic + Bright

No Accounting for Taste ep 142: AML, AI and MTD

With Christmas and New Year fast approaching, the AccountingWEB team reunites for their final podcast of 2024, reflecting on the year’s biggest stories.

They kick off with the 20-year Post Office scandal, which gained renewed attention in 2024 after the ITV drama Mr Bates vs The Post Office. The team discusses ongoing lessons and why it’s important to keep this issue in focus.

Next, they tackle HMRC’s pattern of U-turns, including this year’s reversals on double cab pickups and helpline cuts, sharing what these shifts reveal about HMRC’s direction.

The conversation turns to major anti-money laundering (AML) failures, such as Metro Bank’s £16.7m fine and the accountant who faked being an auditor for 34 years. The team questions why AML continues to be an issue and whether things will change. 

General election highlights and two budgets – Jeremy Hunt’s Spring Budget and Rachel Reeves’s inaugural Autumn Budget – also feature, with their impact being examined. 

Finally, Richard Hattersley and Tom Herbert share bold predictions for 2025, exploring where the accounting profession might head in the coming year.


No Accounting for Taste ep178: End of year round up

AccountingWEB’s business editor Tom Herbert speaks to Karen Briggs, KPMG’s new head of Brexit, about forecasting in uncertain times, what the firm is advising their clients and what a head of Brexit actually does...

No Accounting for Taste ep178: End of year round up

AccountingWEBUK

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