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.
The ICAEW made has made a regulatory decision in a case for a failure to make a suspicious activity report in a timely basis
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 predicate offences for money laundering as follows:
To clarify the current designated category of smuggling by referring to: smuggling including in relation to customs and excise duties and taxes.
To add a separate designated offence category: tax crimes – related to direct taxes and indirect taxes.
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 into the wrong hands.
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 Financial Services Authority (FSA) has recently censured and banned three directors from acting as senior managers for failing to meet their supervisory standards
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 each business sector.
In mid June HMRC a paper, which went to some length to describe the activity of the HMRC supervisory team and publish various statistics.
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.
A London Chartered accountant faces eight years behind bars after being convicted of manipulating both his clients’ and his own tax returns, pocketing £11m in income tax and VAT payments.