New money laundering regulations' application deadline

Businesses required under new regulations to identify and prevent money laundering and terrorist financing have until 30 September 2008 to apply to register.

HMRC are reminding Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) that they must send in application forms by 30 September 2008.

Forms and guidance can be downloaded from the HMRC website and a helpline will also assist customers.

HMRC's Deputy Director of Money Laundering Regulations (MLR), Mark Tibbitts, said:

"We need TCSPs and ASPs to send in their forms by 30 September 2008 so we can finalise the register and target our resources at the important job of ensuring that businesses' anti-money laundering controls are effective.

"TCSPs must submit 'fit and proper' application forms, used to check the background of applicants, by the same date.

"TCSPs and ASPs should look at the guidance on our website, which explains what they have to do."

The new registration dates and updated guidance were announced in July 2008 after discussions with businesses. The MLRs came into force on 15 December 2007.

The new guidance for TCSPs includes:

• Non executive directors falling within the scope of the regulations only when they act as a director for firms with high risk business; and
• Will-writing is outside the scope of the regulations.

The new guidance for ASPs includes:

• Customs practitioners that fall within the scope of the regulations when they carry out accountancy services or provide tax advice; and
• ASPs that fall within the regulated sector whose only customers are other ASPs who are supervised will not be required to register with HMRC when they fulfil certain conditions.

Link

HMRC money laundering guidance

Article Added Thursday, 18 September 2008

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