The Home Office has reportedly opened discussions with professional advisers who are adopting different approaches to deal with the new legislation.

A Home Office spokesman said: 'The Home Office will be looking at the current legislation to make sure we've got the right balance. We are looking at the money laundering reporting processes to make sure they are as effective as possible', reported The Telegraph.

Under new rules accountants, lawyers and other advisers must report to authorities any suspicious transactions carried out by clients. The law was designed to target terrorists and fraudsters but advisers have complained the restrictive laws are hindering their ability to work.