HMRC News and Guidance

20.07.10 HMRC issue new Anti money laundering guidance

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.

31.03.10 HMRC Announce Penalties for non-registration

HMRC Announces important information for Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers who have failed to apply for Money Laundering Regulations Registration.

HMRC announce that a new late registration penalties policy has been introduced for Money Service Businesses, (MSBs) High Value Dealers, (HVDs) Trust or Company Service Providers, (TCSPs) and Accountancy Service Providers (ASPs).

18.03.10 HM Treasury Press Release

HM Treasury today issues a Statement on Money Laundering controls in Overseas Jurisdictions

The notice constitutes advice issued by HM Treasury about risks posed by unsatisfactory money laundering controls in a number of jurisdictions.

The Money Laundering Regulations 2007 require firms to put in place policies, procedures or systems in order to prevent money laundering or terrorist financing. Regulated businesses are also required to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations and in “any other situation which by its nature can present a higher risk of money laundering or terrorist financing”.

10.11.09 HMRC Publish Money Laundering Regulations Memorandum Trading Account

The Money Laundering Regulations supervisory regime is run on a cost recovery basis and the fees paid by customers cover the expense of running the operation. HMRC costs include registering new businesses, contacting and visiting businesses, running an effective risk system, maintaining the register and producing guidance and information for customers.