HMRC & Supervisory Issues

08.09.09 Accountant jailed for eight years for tax fraud

John Warman who holds no qualifications to be an accountant, operated a sole practitioner practice dealing with the affairs of a number of clients. He conspired to steal £2.5m from HMRC was told by the Judge that he lived in a ‘fantasy world’ as he jailed him for eight years. John Warman drove a £165,000 Bentley Arnage and led a lifestyle of the pretence that he had substantial capital in the bank.

26.08.09 BTC Challenges HMRC over right to view SAR’s on supervisor compliance visits

It is Business Tax Centre’s understanding that SAR’s are an individual’s obligations covered under the Proceeds of Crime Act and not covered under the Money Laundering Regulations which covers a ‘Firms’ obligations to put into place appropriate policies and procedures for the prevention, detection and reporting of suspicious activity, and not the actual SAR itself which has a subjective test and offences which are covered in PoCA.

20.08.09 HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28).

HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28). This Code of Practice tells you what you can expect from HMRC Supervisory staff and what they expect of you when they visit your business under the Money Laundering Regulations 2007.

23.07.09 SOCA – Belfast Anti-Money Laundering Conference

Businesses in Northern Ireland are invited to a free one day conference on Tuesday 22 September 2009 to learn how to safeguard themselves against serious organised crime and money laundering.

The event, organised by the Asset Recovery Working Group ‘Payback’ Team, and hosted by the Organised Crime Task Force (OCTF) and SOCA’s UK Financial Intelligence Unit (UKFIU) is aimed at small and medium sized businesses in Northern Ireland who are covered by the Money Laundering Regulations 2007.

16 March 2009 HM Treasury warns businesses of serious threats posed to the international financial system

All UK businesses regulated under the Money Laundering Regulations 2007, whether Money Service Businesses or other regulated persons should treat transactions associated with Iran as situations that by their nature can present a higher risk of money laundering or terrorist financing