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Professional Ethics - conflict between Ethics code & MLR ?

Para 160.10 part (ii) (a) of the AAT ethics code says that a member in business who has not acted in relation to an error or admission on a return to HMRC is NOT obliged to report the matter to the authorities.
At the same time, the Money Laundering Regulations 2007 say that for people working in the regulated sector, they have a duty to report if they know or suspect that Money Laundering activities were taking place.
Is this a conflict, or do the MLRs only apply to members in practise in this instance ?
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