BusinessCompany NewsNew laundering rules pose jail threat

New laundering rules pose jail threat

New EU anti-money laundering rules could mean companies are unwittingly breaking the law by accepting cash payments for high value goods, warn accountants.

Link: Laundering reports to snowball

The target of the new rules are businesses, such as car dealerships, travel agents and jewellers, which deal in high value cash transactions.

Businesses that fail to adhere to the new regulations could face up to two years in jail (for business owners) or a huge fine.

Karen Briggs, head of KPMG forensic’s regulatory services practice, said: ‘The thrust of the new regulations is to prevent criminal assets being laundered through the purchase of physical goods such as property, precious metals, cars or even casino chips, rather than through monetary or financial channels.’

Affected companies must register with Customs & Excise as soon as the rules are introduced in the UK, which is expected to be as soon as possible after 15 June.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor