HM Revenue and Customs (HMRC) recently urged trust and company service providers (TCSPs) to register their businesses with it by April 1st, 2008 under the new Money Laundering Regulations (MLR), which came into force on December 15th, 2007.
TCSPs need to register with HMRC by the deadline if they want to carry on in business.
At the same time, HMRC is alerting Accountancy Service Providers (ASPs) that they will be able to register with HMRC from the same date. Applications received before that date will be held for processing immediately the register opens.
ASPs need to apply before July 1st, 2008 to give HMRC sufficient time to process their application by the deadline. Businesses that apply late risk not being included on the register when it opens on October 1st, the tax authority warned. If that happens they will not be able to trade legally until they are included on the register.
Under the new MLRs that came into force on December 15th, 2007, TCSPs and ASPs have to be supervised by a designated professional body in order to carry on trading. If they are not already supervised by a designated professional body, (or for TCSPs the Financial Services Authority) they need to be registered with HMRC.
HMRC's Business Director Money Laundering Regulations, Melissa Tatton explained that:
"These regulations are important because they build on existing anti money laundering controls. Setting up registers is a vital first step in knowing who is subject to our supervision so we can help them build effective, proportionate, risk based controls against criminal activity."
"We have already alerted TCSPs on the website and through advertising in the press that they have to register their business under the MLRs. We are trying to ensure that TCSPs register at the right time so they do not fall short of the Regulations."
She concluded by stating that: "We also want Accountancy Service Providers to send in their forms as soon as possible after 1 April 2008, to ensure that they are registered with us before the register goes live on 1 October."
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