Archive for the ‘HMRC News and Guidance’ Category
06.01.12 Identifying counterfeit euros
Identifying counterfeit euros - consultation decision HM Treasury (HMT) have published the results of their consultation on the UK's implementation of European Union (EU) Regulations 44/2009 and 45/2009, requiring Currency Exchange Offices and Money Transmitters to have procedures in place selectively to check euro notes and coins using an approved method. Following ...
31.10.11 Former ATT President Charged With Tax Fraud
[caption id="attachment_501" align="alignleft" width="370" caption="Former ATT President"][/caption] Andrew Meeson, the former President of the Association of Taxation Technicians and three of his business associates who administered a pension scheme, have been charged with stealing £5million through a tax fraud ...
01.09.11 Money Laundering Regulations cease to apply to stocktakers from 1 October 2011
As part of its review of the Money Laundering Regulations and in order to ensure its effective and proportionate implementation by businesses in the UK, the Treasury has reviewed the risk of money laundering and terrorist finance with HMRC and the Institute of Licensed Trade Stock Auditors. As a result the ...
07.06.11 HM Treasury Publish MLR Review
HM Treasury published its response to the review of the Money Laundering Regulations 2007. It is a consultation document requiring responses to be submitted by 30August 2011. It separates itself from the obvious areas from which FATF will review their 40 recommendations such as PEP’s and expansion of the regime. These ...
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 ...
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 ...
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 ...
17.07.10 HMRC Publish Supervisory Visits Statistics
In mid June HMRC a paper, which went to some length to describe the activity of the HMRC supervisory team and publish various statistics. HMRC now state that between the four sectors they have responsibility for supervision they now have over 18,000 registered firms, of which just over 14,000 are accountancy ...
16.07.10 HMRC Publish their paper ‘What are your fees used for?’
In mid June HMRC published the above paper, which went to some length to describe the activity of the HMRC supervisory team and publish various statistics. This contains some very interesting statistics and some serious areas for concern, especially in the accountancy service providers sector. HMRC now state that between the ...
