TaxAdministrationHMRC urges business to ready for MLRs

HMRC urges business to ready for MLRs

Money Laundering Regulations come into force in a month and HMRC is urging affected businesses to be prepared

HM
Revenue & Customs
(HMRC) warns it is critical accountancy service
providers, high value dealers, trust or company service providers (TCSPs) and
money service businesses (MSBs), which have to register with HMRC, to send their
applications in early in relation to the Money Laundering Regulations (MRLs)
which come into force on December 15.

Melissa Tatton, HMRC business director of money laundering regulations, said
businesses should familiarise themselves with the MLR guidance on the
HMRC website to help them put in place
anti-money laundering controls.

‘Any business that thinks they may be affected should take a look at our
website to find out more about when and how to apply,’ she said.

As part of the transitional arrangements linked to the introduction of the
regulations, registration deadlines have been set for existing businesses,
trading on December 15. The proposed registration deadlines for businesses are
February 1, 2008 for MSBs and April 1, 2008 for TCSPs.

Further reading:

Money laundering policy should be based on facts

The FRC: all bark and no bite

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