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