FATF New Recomedations realeased

These are the prelude to the 4th European Directive adopted by the UK as our next version of our Money Laundering Regulations. Not too much to worry the day to day activities of a regular accountant. These changes are aimed mainly at strengthening weakness the UK has tackled to some extent by our gold plating of legislation, some of the noticeable are;

Tax crimes both direct and indirect have though been made reportable offenses globally, put the profession at the forefront of prevention.

PEP’s has now finally been extended to cover domestic PEP’s. This reflects the global push to tackle corruption and bribery.

Bearer shares recommended to be band or registered, more transparency for legal persons and arrangements focusing on nominees, also an interesting call for at least 1 real person to be resident in the country of registration and accountable to the competent authorities, not the current case under the CA2006 where they can be resident anywhere in the world and requiring that a company must authorise a non-financial business or professional (accountant, solicitor or TCSP) who will be accountable for providing information and details of beneficial owners, this will be a UK firm for a UK registered company.  

For those who have nothing else better to do!!! the link to the full document is below

http://www.fatf-gafi.org/document/17/0,3746,en_32250379_32236920_49656209_1_1_1_1,00.html

 

Steve O'Neill

Business Tax Centre Limited 

 

Comments
Old Greying Accountant's picture

Think you need ...

Old Greying Acc... | | Permalink

... a spell checker

Caber Feidh's picture

Limits of spell checkers

Caber Feidh | | Permalink

If you mean "banned" instead of "band" for bearer shares, a spell checker would not detect that error.

Good point (band), but I

tricky55 | | Permalink

Good point (band), but I think he may have been referring to the title (with 2 out of 3 words bearing multi-spelling mistakes!)

Oops!

tricky55 | | Permalink

....Ok, the last word only has one mistake!!!

Old Greying Accountant's picture

Indeed ...

Old Greying Acc... | | Permalink

... I was.

It is very hard to take an article seriously when the title is so riddled wih error - it doesn't inspire confidence!

I also think it bad form to use abbreviations and accronyms without explanation.

steveoneill's picture

I'll nbot bother in future    1 thanks

steveoneill | | Permalink

I’ll not bother in future, it is not worth the hassle, I was typing it in without the use of a spell checker, in a rush and on the move, whilst on my way to an event, just though some of might have been interested  

steveoneill's picture

Yes, the spelling mistake was deliberate

steveoneill | | Permalink

Yes, the spelling mistake was deliberate

John Stokdyk's picture

Thanks Steve - please don't give up

John Stokdyk | | Permalink

I at least found it useful to be alerted to the proposals, and understand just how easy it is to type things wrong when you're in a rush.

I hope other members of this group will understand that the content in a discussion group isn't made up of formal, sub-edited artices, but posts by their peers.

Sometimes errors will crop up, and you should bear in mind that overly negative responses can discourage people from participating in the group, which is not the objective we are seeking on AccountingWEB.

Old Greying Accountant's picture

deleted

Old Greying Acc... | | Permalink

deleted

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