Money laundering is not as rife as the government has claimed, and new
regulations will only increase red tape burden on business, advisers have
The new rules, which move beyond its original scope to include retailers and
jewellers into reporting customers who could be involved in money laundering,
have been introduced without compelling evidence that it is a problem, reported
‘Money does not appear to be entering the financial system on anything like
the scale that is being talked about,’ said Jackie Harvey, a principal lecturer
for Newcastle Business School at Northumbria University.
Wilkins Kennedy partner Steve Golder said businesses could be prosecuted for
failing to report a suspicion of money laundering ,and will have to keep
evidence checks on file for five years.
‘This is a huge red tape obligation and captures an incredibly wide range of
businesses,’ said Golder.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group