Money laundering regulations finally approved
The government's controversial new money laundering regulations have finally been laid before parliament after months of delay.
The new requirements, which will force accountants to file reports on any suspicious transactions or face a potential jail term, will now come into force on 1 March 2004.
Accountants now have just three months to prepare themselves for their new responsibilities, as negligence will not be accepted as a reason for not reporting money laundering activity.
It had originally been thought that the laws would be in force by September but wrangling between government departments over the fine detail of the regulations has constantly put back the launch date.