Archive for the ‘HMRC News and Guidance’ Category
05.08.09 Passwords stolen for tax returns
Gangs are stealing taxpayers' passwords and submitting claims for tax refunds to be paid to them, HM Revenue and Customs has warned. A series of attempted fraudulent claims through the self-assessment repayments system has been discovered. No figures ...
04.08.09 FSA bans Cornwall broker for fraud
The FSA has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information. Sanders withheld information from a prospective employer relating to an investigation into him by his former employer which resulted in his suspension. ...
26.04.09 HMRC issue revised guidance to MSB’s
This guidance is being sent to Money Service Businesses (MSBs) with a copy of the first direction issued under the Counter Terrorism Act 2008 Schedule 7 which affects them and will shortly be included in Public Notice MLR8: Preventing money laundering and terrorist financing. Who is this guidance for? This guidance is ...
16 March 2009 HM Treasury warns businesses of serious threats posed to the international financial system
The Financial Action Task Force (FATF) has announced that it remains concerned by Iran’s failure to meaningfully address the deficiencies in its Anti-Money Laundering and Combating Terrorist Financing (AML/CTF) regime, particularly in respect of terrorist financing and suspicious activity reporting. The FATF has called on its members to consider effective countermeasures ...
19/02/09 Increase in the Money Laundering annual registration fee
HMRC today announce an increase of the annual registration fee for businesses registered under the Money Laundering Regulations 2007 to £120. The sectors affected are Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers. The Money Laundering Regulations supervisory regime is run on a full ...
12/02/2009 14,000 tax avoidance schemes and counting…
At the last count, since rules requiring the disclosure of tax avoidance arrangements to HMRC were introduced in 2004 there had been around 14,000 such schemes. Or so we thought. Now it seems these might be far from the limit of the problem, as many "promoters" of schemes, such as accountants, ...
03/02/09 Important information for Money Service Businesses (MSBs)
This note is to alert all Money Service Businesses (MSBs) to HM Treasury’s new powers to issue directions under the Counter Terrorism Act which came into force on 26 November 2008. What powers does HM Treasury have? HM Treasury (HMT) may give a direction if one or more of the following apply: • The ...
01/01/09 Important Notice for Accountancy Service Providers who have failed to apply for Money Laundering Regulations Registration.
If you are in business as an Accountancy Service Provider and are required to register with HMRC or an approved professional body under the Money Laundering Regulations 2007 you are trading illegally if you missed the deadline of 1 January 2009 and may be liable to a penalty or criminal ...
Q. What are the Specific Breaches of the Money Laundering Regulations?
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 are; Regulation 7 – Failure to apply appropriate risk-sensitive customer due diligence measures Regulation 8 – Failure to apply appropriate and risk-sensitive ongoing monitoring of a business relationship Regulation 9 – Failure to comply with the requirements in ...
Q. I am just starting out in business in the regulated sector, what should I do?
Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor. To commence in business without the appropriate registration means you are committing a criminal offence. The penalty for this is up to a maximum of £5,000 if the breach was a failure to take ...
