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.
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.
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 and may attract civil or criminal procedures from your supervisor
Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor.
In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor,
Members of the above professional bodies will be supervised for complaince under their relevant professional assurance scheme and subject to the relevant members disiplininary codes of prectice.
Financial institutions in the UK should give special attention to business relations and transactions with persons, including companies and financial institutions, from jurisdictions that do not adequately apply the FATF Recommendations.