It emerged this week that the UK's new anti-money laundering regulations have gone before Parliament after several months of delays, and will now come into force in March 2004.
The regulations, which form part of the Proceeds of Crime Act 2002, have caused controversy, not least amoung the accounting profession, as accountants will be obliged to report any suspicions that their clients have laundered money, or face a jail sentence themselves, no matter how small the amount involved.
The legislation was originally intended to come into force in September of this year, but discussions between various government departments meant that agreement had not been reached by the time Parliament recessed for the summer.
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