Some 10,000 passports a year are probably thrown in bins, says the UK’s Identity and Passport Service (IPS). Launching a campaign urging people to keep passports safe, it warns the same number are lost in bars and clubs.
Recent developments in the Middle East have highlighted the need for businesses to be vigilant and have robust systems and controls for dealing with actual or potential politically exposed persons. Your business needs to consider the possible impact these events may have on patterns of financial activity when assessing risks related to particular customers and flows of funds.
An Accountant has been warned he will go to jail after being found guilty of tipping off a client about a police investigation.The stark message to Kishor Doshi, director of Sunderland firm Otax, came after he was convicted of an offence under the Proceeds of Crime Act.
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.
Under the Money Laundering Regulations businesses need to carry out customer due diligence on their customers. This involves asking to see documentary evidence of a customer’s identity.
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.