Author Archive
11.02.11 An accountant has been found guilty of tipping off a client under PoCA
An Accountant has been warned he will go to jail after being found guilty of tipping off a client about a police investigation. The stark message to Kishor Doshi, director of Sunderland firm Otax, came after he was convicted of an offence under the Proceeds of Crime Act. The jury of eight ...
29.01.11 Pilot scheme to give law enforcement agencies access to MSB register
A new scheme is being piloted to give police and other law enforcement agencies access to information held on HMRC's Money Service Business (MSBs) register. Under the scheme each month agencies will be given details of all Money Service Businesses in their area held on the MSB register. The register is ...
20.01.11 UK identity cards can no longer be used to confirm identity under MLR
Under the Money Laundering Regulations businesses need to carry out customer due diligence on their customers. This involves asking to see documentary evidence of a customer's identity. Since November 2008 the UK Borders Agency (UKBA) has issued an ID card to migrants from countries outside the European Economic Area (EEA). From ...
30.11.10 Accountant fined £1,080 for a failure to verify a client
The ICAEW has made the following regulatory decision in a case for a failure to verify a client in accordance with the Money Laundering Regulations. Consent Orders made on 1 June 2010 With the agreement of Andrew Nigel Hamilton of 38 Dean Park Mews, Edinburgh EH4 1ED, ...
30.11.10 Accountant fined £5,000 for a failure to report
The ICAEW made the following regulatory decision in the following case for a failure to make a suspicious activity report in a timely basis Consent Orders made on 28 July 2010 With the agreement of Michael Martin Shenker of 5Wellesley Court, Apsley Way, London NW2 7HF, the Investigation Committee made an order that ...
04.11.10 FATF to add Tax Crimes as a ‘Predicate offence’ for money laundering
The Financial Action Task Force in its consultation document ‘Preparation for the 4th Round of Mutual Evaluations’ states that is considering including tax crimes as a predicate offence for money laundering in the context of its recommendation 1. More precisely, it proposes to amend the list of designated categories of ...
07.09.10 HMRC Guidance – Pakistan floods disaster – guidance on transmitting money
The Government recognises the crucial importance of individual giving and charitable donations at times of humanitarian crisis such as the Pakistan floods and therefore understands and values people’s desire to give money. This underlines the importance of knowing that money sent with best intentions is not inadvertently finding its way ...
07.09.10 Charity Commission publishes advice for donations for the floods in Pakistan
The Charity Commission, the independent charity regulator for England and Wales, has published advice for people who want to support those affected by the floods in Pakistan, whether by fundraising or by making a personal donation. The public’s support is crucial to enable charities to deliver desperately needed aid to Pakistan ...
10.08.10 External consultants cannot act as a Nominated Officer under Money Laundering Regulations
As an external consultant I am usually in the situation where systems we devise for compliance starts with a simple policy statement, which firstly details who is and how to communicate with, the nominated officer, who will be a senior member of the firm, a director, partner or owner manager. ...
20.07.10 HMRC issue new Anti money laundering guidance
A new set of anti money laundering guides have been published on the HMRC internet site to replace Public Notice MLR8: Preventing money laundering and terrorist financing. The new guides are sector specific and provide detailed guidance in relation to the legislation, risks, record keeping and reporting requirements relevant to ...
