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Not registered for MLA

Not registered for MLA

I believe one of my QBE competitors is not registered with HMRC for MLA purposes.

Is this reportable to SOCA?

I've had to register with them, why shouldnt she.

London Mike

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16th Oct 2008 09:08

Reporting to MLRO / SOCA

Just to be clear, one is required to report to the MLRO / SOCA where one suspects, or has reasonable grounds to suspect, money laundering (or a terrorist property offence) as a result of information received in the course of one's business in the regulated sector. Virtually anything an accountant does in the course of his business falls within the regulated sector.

Obviously the bulk of such suspicions will relate to one's clients - but reporting is not limited to reporting of clients.

In this case no money laundering offence has been committed because it is not a criminal offence at present to practice as an accountant without being registered with a professional body or HMR&C under Money Laundering Regulations 2007.

So there is nothing which requires to be reported.

David

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By Anonymous
14th Oct 2008 15:04

Don't be so mean...
Are they a client? No? What reason do you have to report them to SOCA?

If they are not registered they will be breaking the law if they continue to trade as an ASP from 1 January 2009. To guarantee registration by 1/1/09 they should have lodged their papers and fee of £95 per premises to HMRC by 30/9/08.

It is my understanding that it won't be until 1/1/09 that they potentially could be breaking the law - allegedly.

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By Anonymous
14th Oct 2008 12:58

Whereabouts?
Thanks Simon, but that link does lead to some quite long documents. Could you provide a more direct link to the guidance that says that HMRC will not deal with unregistered agents please.
Thanks

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By pawncob
14th Oct 2008 12:46

No deal
If they're not registered then HMRC won't deal with them.
(And they've still got time to register!)
http://www.hmrc.gov.uk/mlr/mlr9-reg-dates-announced.htm

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