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FAQ Money Laundering Regulations: Bookkeepers and non exec directors

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18th Sep 2008
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HMRC have just published some new FAQs designed to tackle the question on every bookkeeper’s mind:

Do I need to register under the new MLRs?

The answer in almost every case is “Yes”, but it is nevertheless worth reading through the Q and A for clarification.

HMRC also considers the plight under the new regulations for non executive directors who are directors of companies having weak anti-money laundering systems, either due to the jurisdictions in which they trade. These currently include countries such as Uzbekistan, Iran, Pakistan, Turkmenistan etc. and the northern part of Cyprus.

Potential problems arise for those who are non executive directors of parent companies whose subsidiaries is engaged in business with a high risk jurisdiction.

HMRC have also issued a reminder for Accountancy, Trust and Company Service Providers - Money Laundering Regulations registration:

Trust or Company Service Providers and Accountancy Service Providers who have not yet applied to register their businesses with HMRC under the new Money Laundering Regulations, to send in their application forms by 30 September 2008.

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