Money laundering deadline looming

News Article - 16 September 2008
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Companies have until September 30th to register with HM Revenue and Customs (HMRC) under stronger business regulations regarding money laundering.

All firms defined as Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) are required to register under the Money Laundering Regulations, which began in December 2007.

Only companies which are supervised by a professional body or the Financial Services Authority are exempt.

"We need TCSPs and ASPs to send in their forms by September 30th 2008 so we can finalise the register and target our resources at the important job of ensuring that businesses' anti-money laundering controls are effective," said Mark Tibbitts, HMRC deputy director of money laundering regulations.

HMRC recently came in for criticism for causing confusion for pension scheme trustees in its money laundering legislation.

Pinsent Masons, a law firm, said that legislation which required all trustees who act "by way of business" to register with HMRC was unclear as to whether it meant just paid trustees were to register or even those who had received expenses had to.

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