Archive for the ‘HMRC News and Guidance’ Category

HMRC to contact businesses registered under the Money Laundering Regulations

HM Revenue & Customs (HMRC) Anti-Money Laundering Compliance Officers will shortly begin a programme of telephoning businesses registered with, and supervised by HMRC under the Money Laundering Regulations (MLR). These calls will be in addition to and will complement ongoing HMRC compliance activity. HMRC will be contacting businesses to make sure ...

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement

December 07, 2012  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement The Government is to sign a tax information sharing agreement with the Isle of Man which will provide HM Revenue & Customs (HMRC) with a range of additional information about potentially taxable income in Manx bank accounts. This ...

Memorandum of Understanding between HMRC and the FSA for joint supervision

June 18, 2012  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

A Memorandum of Understanding between HMRC and the FSA was published on the FSA website on 1 June 2012. It’s about sharing information and joint visits. This will be of particular relevance to many money services businesses whom are supervised not just under the Money Laundering Regulations by HMRC but ...

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 ...

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 ...

07.06.11 HM Treasury Publish MLR Review

June 07, 2011  |   AML Legislation updates,HMRC News and Guidance   |     |   0 Comment

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

January 28, 2011  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

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

September 07, 2010  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

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.  ...