HMRC ups laundering monitoring

New regulations implementing the Third EU Money Laundering Directive, published by economic secretary to the treasury Ed Balls, also extends compliance supervision to trust and company service providers, estate agents, consumer credit providers and financial services providers.

Members of the AAT, ATT and CIoT will be covered by the new the new rules. There will be a new requirement for regulated firms to conduct enhanced due diligence in respect of customers and circumstances considered to pose a higher risk of money laundering and terrorist financing.

Balls claimed in a written statement to Parliament that the regulations are in line with the three key principles that underline money laundering and counter-terrorist finance strategy, ‘effectiveness, proportionality and engagement both domestically and with international partners’.