Editorial – The Guardian 12 February 2009
At least 90 tax avoidance ‘promoters’ are under investigation, meaning the problem is bigger than we thought
Businesses in the Birmingham area are invited to a FREE one day conference to learn how to safeguard themselves against serious organised crime and money laundering.
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.
The first ever case of human trafficking in Cheshire ended on 23 January 2009, with the sentencing of Cai Hong Yang, 44, at Warrington Crown Court.
Do the requirements to carry out ongoing monitoring of customer due diligence measures and client’s business relationships mean that you must obtain a passport and utility bill from your existing clients or that you must investigate all the business affairs of your clients?
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 prosecution.
At Plymouth Crown Court on 28 November 2008, the Plymouth Asset Recovery Unit secured a confiscation order in the sum of £37,085.00 against a local unemployed man.
The Money Laundering Regulations require relevant businesses to carry out Customer Due Diligence on their customers. This may involve asking for documentary evidence of a customer’s identity. The UK Borders Agency has announced a new ID card for foreign nationals which will begin a roll out programme starting on the 25 November 2008.
The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This is the first time the FSA has fined a money laundering reporting officer.
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen, especially if consent may be required, or at the earliest opportunity thereafter.