Member

Closer to home, we have a network of 22 professional bodies which are registered for AML and that whole ambit of requirements. The firm that I am still associated with—I am no longer a partner but one of those consultants that one becomes afterwards, when one is busy in the House of Lords—is registered with the ICAEW. The beauty of that regulation is that the ICAEW, the Chartered Institute of Taxation and, as the noble and learned Lord, Lord Hope, said, the legal institutions know the risks of the sector that those institutions are working in. More than that, when an accountancy practice has a regular review and visit from the institute to make sure that everything is working well in terms of audit regulation and general practice management, that ICAEW inspector also examines our AML and what are we doing. Are we doing it properly and adequately?