HMRC Publishes Guidance Update For Businesses Covered By Money Laundering Regulations

by Robert Lee, Tax-News.com, London

01 August 2008

New guidance on registering under the UK Money Laundering Regulations 2007 was published last Friday by HM Revenue & Customs (HMRC).

Guidance for Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) has been updated and is available on HMRC's website to reflect feedback from businesses in their discussions with HM Treasury.

TCSPs and ASPs, who have not yet applied, will have to submit their applications to register with HMRC by the new date of 30 September 2008.

In addition, TCSPs will need to send in their fit and proper application forms by the same date.

The new guidance includes clarification for TCSPs that:

• Non executive directors only fall within the scope of the regulations when they act as a director for firms with high risk business
• Will writing is now outside the scope of the regulations, and for ASPs that:
• Customs practitioners fall within the scope of the regulations when they carry out accountancy services or provide tax advice.

HMRC's Business Director, Money Laundering Regulations, Melissa Tatton explained:

"The updated guidance will help businesses decide if they are required to register with HMRC. It will give businesses greater clarity and reduce the number of businesses that need to register with us, whilst retaining effective anti money laundering measures across all relevant businesses."

HMRC will be writing to TCSPs and ASPs who have already applied to register and who may be affected by the updated guidance. Businesses that confirm they no longer need to register will have their fees refunded.

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